Registered number
10369998
Innovate Group Limited
Filleted Accounts
28 February 2023
Innovate Group Limited
Registered number: 10369998
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17 217
Current assets
Debtors 4 11,975 10,903
Cash at bank and in hand 1,603 7,245
13,578 18,148
Creditors: amounts falling due within one year 5 (65,750) (65,751)
Net current liabilities (52,172) (47,603)
Net liabilities (52,155) (47,386)
Capital and reserves
Called up share capital 100 100
Profit and loss account (52,255) (47,486)
Shareholder's funds (52,155) (47,386)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tom Somers
Director
Approved by the board on 15 November 2023
Innovate Group Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Office Equipment
£
Cost
At 1 March 2022 1,000
At 28 February 2023 1,000
Depreciation
At 1 March 2022 783
Charge for the year 200
At 28 February 2023 983
Net book value
At 28 February 2023 17
At 28 February 2022 217
Innovate Group Limited 10369998 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts April 2022 Tom Somers No description of principal activity 10369998 2021-03-01 2022-02-28 10369998 core:WithinOneYear 2022-02-28 10369998 core:ShareCapital 2022-02-28 10369998 core:RetainedEarningsAccumulatedLosses 2022-02-28 10369998 2022-03-01 2023-02-28 10369998 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10369998 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10369998 bus:Director40 2022-03-01 2023-02-28 10369998 1 2022-03-01 2023-02-28 10369998 2 2022-03-01 2023-02-28 10369998 core:PlantMachinery 2022-03-01 2023-02-28 10369998 bus:FRS102 2022-03-01 2023-02-28 10369998 bus:FullAccounts 2022-03-01 2023-02-28 10369998 2023-02-28 10369998 core:WithinOneYear 2023-02-28 10369998 core:ShareCapital 2023-02-28 10369998 core:RetainedEarningsAccumulatedLosses 2023-02-28 10369998 core:PlantMachinery 2023-02-28 10369998 2022-02-28 10369998 core:PlantMachinery 2022-02-28 iso4217:GBP xbrli:pure