Innovation Dance Limited 06861632 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is retailer of dancewear. Digita Accounts Production Advanced 6.30.9574.0 true true 06861632 2022-04-01 2023-03-31 06861632 2023-03-31 06861632 bus:OrdinaryShareClass1 2023-03-31 06861632 core:CurrentFinancialInstruments 2023-03-31 06861632 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06861632 core:Goodwill 2023-03-31 06861632 core:FurnitureFittingsToolsEquipment 2023-03-31 06861632 core:LandBuildings 2023-03-31 06861632 bus:SmallEntities 2022-04-01 2023-03-31 06861632 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06861632 bus:FullAccounts 2022-04-01 2023-03-31 06861632 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06861632 bus:RegisteredOffice 2022-04-01 2023-03-31 06861632 bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 06861632 bus:Director2 2022-04-01 2023-03-31 06861632 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06861632 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06861632 core:Goodwill 2022-04-01 2023-03-31 06861632 core:FurnitureFittings 2022-04-01 2023-03-31 06861632 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 06861632 core:LandBuildings 2022-04-01 2023-03-31 06861632 core:OfficeEquipment 2022-04-01 2023-03-31 06861632 countries:England 2022-04-01 2023-03-31 06861632 2022-03-31 06861632 core:Goodwill 2022-03-31 06861632 core:FurnitureFittingsToolsEquipment 2022-03-31 06861632 core:LandBuildings 2022-03-31 06861632 2021-04-01 2022-03-31 06861632 2022-03-31 06861632 bus:OrdinaryShareClass1 2022-03-31 06861632 core:CurrentFinancialInstruments 2022-03-31 06861632 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06861632 core:FurnitureFittingsToolsEquipment 2022-03-31 06861632 core:LandBuildings 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06861632

Innovation Dance Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Innovation Dance Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Innovation Dance Limited

Company Information

Directors

Ms E J Hardy

Ms Z C Newell

Company secretary

Ms E J Hardy

Registered office

96 - 98 Pitshanger Lane
Ealing
London
W5 1QX

Accountants

Khushkam Limited
Chartered Certified Accountants
46-48 Byron Road
Wealdstone
Harrow
Middlesex
HA3 7SS

 

Innovation Dance Limited

(Registration number: 06861632)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

334,568

334,688

Current assets

 

Stocks

6

82,000

82,000

Debtors

7

10,408

12,172

Cash at bank and in hand

 

32,637

111

 

125,045

94,283

Creditors: Amounts falling due within one year

8

(549,168)

(488,474)

Net current liabilities

 

(424,123)

(394,191)

Net liabilities

 

(89,555)

(59,503)

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

(89,557)

(59,505)

Shareholders' deficit

 

(89,555)

(59,503)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Innovation Dance Limited

(Registration number: 06861632)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 21 December 2023 and signed on its behalf by:
 

.........................................
Ms E J Hardy
Company secretary and director

.........................................
Ms Z C Newell
Director

 

Innovation Dance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
96 - 98 Pitshanger Lane
Ealing
London
W5 1QX

These financial statements were authorised for issue by the Board on 21 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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, as the directors continue to provide ongoing financial assistance to the company.

 

Innovation Dance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

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

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

 

Innovation Dance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Borrowings

 

Innovation Dance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Innovation Dance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

45,000

45,000

At 31 March 2023

45,000

45,000

Amortisation

At 1 April 2022

45,000

45,000

At 31 March 2023

45,000

45,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

334,211

7,866

342,077

At 31 March 2023

334,211

7,866

342,077

Depreciation

At 1 April 2022

-

7,389

7,389

Charge for the year

-

120

120

At 31 March 2023

-

7,509

7,509

Carrying amount

At 31 March 2023

334,211

357

334,568

At 31 March 2022

334,211

477

334,688

 

Innovation Dance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

82,000

82,000

7

Debtors

2023
£

2022
£

Other debtors

3,108

2,672

Accrued income

7,300

9,500

10,408

12,172

 

Innovation Dance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

1,533

Trade creditors

 

5,139

3,678

Accruals and deferred income

 

1,500

800

Other creditors

 

542,529

482,463

 

549,168

488,474

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

1,533