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REGISTERED NUMBER: SC591165 (Scotland)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

INNOVATE ALARMS LTD.

INNOVATE ALARMS LTD. (REGISTERED NUMBER: SC591165)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 4


INNOVATE ALARMS LTD. (REGISTERED NUMBER: SC591165)

ABRIDGED BALANCE SHEET
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,900 41,300
Tangible assets 5 28,229 3,005
64,129 44,305

CURRENT ASSETS
Stocks 5,287 15,448
Debtors 30,198 30,613
Cash at bank 10,847 5,893
46,332 51,954
CREDITORS
Amounts falling due within one year 70,186 88,023
NET CURRENT LIABILITIES (23,854 ) (36,069 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,275

8,236

CREDITORS
Amounts falling due after more than one
year

(12,891

)

-

PROVISIONS FOR LIABILITIES (4,310 ) -
NET ASSETS 23,074 8,236

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 23,064 8,226
23,074 8,236

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

The members have not required the company to obtain an audit of its financial statements for the year 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.

INNOVATE ALARMS LTD. (REGISTERED NUMBER: SC591165)

ABRIDGED BALANCE SHEET - continued
31 March 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

INNOVATE ALARMS LTD. (REGISTERED NUMBER: SC591165)

ABRIDGED BALANCE SHEET - continued
31 March 2023



The financial statements were approved by the director and authorised for issue on 14 November 2023 and were signed by:





D Rae - Director


INNOVATE ALARMS LTD. (REGISTERED NUMBER: SC591165)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Innovate Alarms Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC591165

Registered office: 22 Backbrae Street
Kilsyth
G65 0NH

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.

Turnover and revenue recognition
Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

INNOVATE ALARMS LTD. (REGISTERED NUMBER: SC591165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 54,000
AMORTISATION
At 1 April 2022 12,700
Amortisation for year 5,400
At 31 March 2023 18,100
NET BOOK VALUE

At 31 March 2023 35,900
At 31 March 2022 41,300

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 12,415
Additions 30,434
Disposals (10,615 )
At 31 March 2023 32,234
DEPRECIATION
At 1 April 2022 9,410
Charge for year 3,700
Eliminated on disposal (8,654 )
Charge written back (451 )
At 31 March 2023 4,005
NET BOOK VALUE
At 31 March 2023 28,229
At 31 March 2022 3,005

INNOVATE ALARMS LTD. (REGISTERED NUMBER: SC591165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
Additions 25,780
At 31 March 2023 25,780
DEPRECIATION
Charge for year 1,611
At 31 March 2023 1,611
NET BOOK VALUE
At 31 March 2023 24,169