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REGISTERED NUMBER: 09730787 (England and Wales)














INNOVATION MEDIA LTD

Unaudited Financial Statements

for the Period 1 September 2022 to 31 March 2023






INNOVATION MEDIA LTD (REGISTERED NUMBER: 09730787)

Contents of the Financial Statements
for the Period 1 September 2022 to 31 March 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


INNOVATION MEDIA LTD

Company Information
for the Period 1 September 2022 to 31 March 2023







Director: Mr A Fassnidge





Registered office: 20-22 Wenlock Road
London
N1 7GU





Registered number: 09730787 (England and Wales)





Accountants: Cobley Desborough
Chartered Certified Accountants
Chartered Tax Advisers
Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF

INNOVATION MEDIA LTD (REGISTERED NUMBER: 09730787)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,583 2,589
Investments 5 129,840 -
133,423 2,589

CURRENT ASSETS
Stocks - 41,000
Debtors 6 64,545 78,833
Cash at bank 207,936 49,359
272,481 169,192
CREDITORS
Amounts falling due within one year 7 119,696 145,256
NET CURRENT ASSETS 152,785 23,936
TOTAL ASSETS LESS CURRENT
LIABILITIES

286,208

26,525

CREDITORS
Amounts falling due after more than
one year

8

21,333

26,000
NET ASSETS 264,875 525

INNOVATION MEDIA LTD (REGISTERED NUMBER: 09730787)

Balance Sheet - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 264,775 425
264,875 525

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2023 and were signed by:





Mr A Fassnidge - Director


INNOVATION MEDIA LTD (REGISTERED NUMBER: 09730787)

Notes to the Financial Statements
for the Period 1 September 2022 to 31 March 2023


1. STATUTORY INFORMATION

Innovation Media Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


INNOVATION MEDIA LTD (REGISTERED NUMBER: 09730787)

Notes to the Financial Statements - continued
for the Period 1 September 2022 to 31 March 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Going concern
The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least twelve months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on this assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations of external liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the Company is not exposed to losses of these assets which would affect their decision to adopt the going concern basis.

The director is therefore satisfied and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Theses financial statements have therefore been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 1 ) .

INNOVATION MEDIA LTD (REGISTERED NUMBER: 09730787)

Notes to the Financial Statements - continued
for the Period 1 September 2022 to 31 March 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 September 2022 5,136
Additions 1,528
Disposals (328 )
At 31 March 2023 6,336
Depreciation
At 1 September 2022 2,547
Charge for period 434
Eliminated on disposal (228 )
At 31 March 2023 2,753
Net book value
At 31 March 2023 3,583
At 31 August 2022 2,589

5. FIXED ASSET INVESTMENTS
Other
investments
£   
Cost or valuation
Additions 133,588
Revaluations (3,135 )
At 31 March 2023 130,453
Provisions

Exchange differences 613
At 31 March 2023 613
Net book value
At 31 March 2023 129,840

INNOVATION MEDIA LTD (REGISTERED NUMBER: 09730787)

Notes to the Financial Statements - continued
for the Period 1 September 2022 to 31 March 2023


5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2023 is represented by:

Other
investments
£   
Valuation in 2023 (3,135 )
Cost 133,588
130,453

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 44,504 56,545
Other debtors 20,041 22,288
64,545 78,833

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,170 12,569
Trade creditors 8,548 3,319
Taxation and social security 92,063 13,910
Other creditors 2,915 115,458
119,696 145,256

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 21,333 26,000