Registered number
06735542
Innovative Physics Limited
Filleted Accounts
31 December 2023
Innovative Physics Limited
Registered number: 06735542
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 146,123 179,353
Tangible assets 4 48,483 57,657
194,606 237,010
Current assets
Stocks 145,608 95,608
Debtors 5 1,916,507 1,991,959
Cash at bank and in hand 30,208 17,206
2,092,323 2,104,773
Creditors: amounts falling due within one year 6 (503,602) (829,489)
Net current assets 1,588,721 1,275,284
Total assets less current liabilities 1,783,327 1,512,294
Creditors: amounts falling due after more than one year 7 (3,309,656) (2,512,900)
Net liabilities (1,526,329) (1,000,606)
Capital and reserves
Called up share capital 309 309
Share premium 5,576,713 5,576,713
Profit and loss account (7,103,351) (6,577,628)
Shareholders' funds (1,526,329) (1,000,606)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
M Anderson
Director
Approved by the board on 6 February 2024
Innovative Physics Limited
Notes to the Accounts
for the year ended 31 December 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 496,965
Disposals (230)
At 31 December 2023 496,735
Amortisation
At 1 January 2023 317,612
Provided during the year 33,000
At 31 December 2023 350,612
Net book value
At 31 December 2023 146,123
At 31 December 2022 179,353
Patents and IP are being written off in equal annual instalments over their
estimated economic lives of 10 years.
4 Tangible fixed assets
Computer
equipment
Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 94,772 12,865 107,637
Additions 5,670 - 5,670
At 31 December 2023 100,442 12,865 113,307
Depreciation
At 1 January 2023 44,350 5,630 49,980
Charge for the year 12,600 2,244 14,844
At 31 December 2023 56,950 7,874 64,824
Net book value
At 31 December 2023 43,492 4,991 48,483
At 31 December 2022 50,422 7,235 57,657
5 Debtors 2023 2022
£ £
Trade debtors 555,885 90,468
Accrued sales 1,346,000 1,898,000
VAT 14,622 3,491
1,916,507 1,991,959
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 165,610 217,768
Taxation and social security costs 248,547 305,605
Other creditors 89,445 306,116
503,602 829,489
7 Creditors: amounts falling due after one year 2023 2022
£ £
Unsecured loan stock 3,285,000 2,525,000
Other creditors 24,656 (12,100)
3,309,656 2,512,900
8 Other information
Innovative Physics Limited is a private company limited by shares and incorporated in England. Its registered office is:
Stonebridge House
Chelmsford Road
Hatfield Heath
Essex
CM22 7BD
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