Innovate@UWL Limited is a private company limited by shares incorporated in England and Wales. The registered office is University of West London, PE 04 017, St Mary's Road, Ealing, W5 5RF.
The company presents financial statements for a ten month period from 1 October 2022 to 31 July 2023. The accounting reference was changed to 31 July 2023 to align with the group reporting reference date. As a result, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investments are recognised once a shareholders' agreement has been completed and signed between the two parties or at the point Innovate@UWL is included in the register of members of the investee.
The average monthly number of persons (including directors) employed by the company during the Period was:
In the previous accounting period, following the approval of shareholder agreements in the year, the Company received a 12% investment in the following companies; Book of Beasties Ltd, Paws in Hands App Limited, Sport Place Ltd, Ubiquidom Ltd and Workscan Limited. The investments were provided in consideration for admission of that company to the Westmont Enterprise Hub.
This period additional equity was purchased on an arm's length basis in Book of Beasties Ltd. This lead to a fair value uplift in equity acquired in previous accounting periods.
Nil value has been included for the other investments as their fair value cannot be reliably estimated.
The company has one class of ordinary shares which carry no right to fixed income.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Innovate@UWL Limited is a wholly owned subsidiary of the University of West London. During this year and the previous year the University of West London provided Innovate@UWL Limited access to its office space, access to University of West London staff members and other adhoc support. This is to support Innovate@UWL Limited with its principal activities and is provided for no consideration.
The provision of legal and professional services incurred as part of the operations and administration of Innovate@UWL Limited have been supplied by University of West London for no consideration and as such are not included within these financial statements.
The company is a 100% owned subsidiary of the University of West London.