Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31false2022-04-0153falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12438834 2022-04-01 2023-03-31 12438834 2021-04-01 2022-03-31 12438834 2023-03-31 12438834 2022-03-31 12438834 c:Director1 2022-04-01 2023-03-31 12438834 d:OfficeEquipment 2022-04-01 2023-03-31 12438834 d:OfficeEquipment 2023-03-31 12438834 d:OfficeEquipment 2022-03-31 12438834 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12438834 d:CurrentFinancialInstruments 2023-03-31 12438834 d:CurrentFinancialInstruments 2022-03-31 12438834 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12438834 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12438834 d:ShareCapital 2023-03-31 12438834 d:ShareCapital 2022-03-31 12438834 d:RetainedEarningsAccumulatedLosses 2023-03-31 12438834 d:RetainedEarningsAccumulatedLosses 2022-03-31 12438834 c:OrdinaryShareClass1 2022-04-01 2023-03-31 12438834 c:OrdinaryShareClass1 2023-03-31 12438834 c:OrdinaryShareClass1 2022-03-31 12438834 c:OrdinaryShareClass2 2022-04-01 2023-03-31 12438834 c:OrdinaryShareClass2 2023-03-31 12438834 c:OrdinaryShareClass2 2022-03-31 12438834 c:FRS102 2022-04-01 2023-03-31 12438834 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12438834 c:FullAccounts 2022-04-01 2023-03-31 12438834 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12438834 2 2022-04-01 2023-03-31 12438834 e:PoundSterling 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12438834














INNIT INCORPORATED LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
INNIT INCORPORATED LTD
REGISTERED NUMBER:12438834

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
35,054
18,543

  
35,054
18,543

Current assets
  

Debtors: amounts falling due within one year
 6 
2,058,958
728,823

Cash at bank and in hand
 7 
5,694,693
4,754,383

  
7,753,651
5,483,206

Creditors: amounts falling due within one year
 8 
(514,313)
(1,511,888)

Net current assets
  
 
 
7,239,338
 
 
3,971,318

Total assets less current liabilities
  
7,274,392
3,989,861

Provisions for liabilities
  

Deferred tax
  
(8,709)
(4,411)

  
 
 
(8,709)
 
 
(4,411)

Net assets
  
7,265,683
3,985,450


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
7,265,681
3,985,448

  
7,265,683
3,985,450


Page 1

 
INNIT INCORPORATED LTD
REGISTERED NUMBER:12438834
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by 29 March 2024.




I J Simons
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
INNIT INCORPORATED LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Innit Incorporated Ltd is a private company, limited by shares, registered in England and Wales, registration number 12438834. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 

The principal activity of the company is that of video production activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings are presented in the profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss statement.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from video production activities are recognised when it is probable the company will receive the rights to the consideration due under the contract.
Royalties receivable are recognised at the year end date by the company.Royalties payable are calculated by reference to statements of account used for determining royalties receivable.
Merchandise income is recognised when the significant risks and rewards of ownership have been transferred to the buyer.

Page 3

 
INNIT INCORPORATED LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
INNIT INCORPORATED LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

 Cash

Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors, trade and other creditors, and loans with related parties.

 
2.14

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the year was 5 (2022 - 3).

Page 5

 
INNIT INCORPORATED LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Dividends

2023
2022
£
£


Dividends to Ordinary shareholders
175,000
550,000


Dividends to Ordinary B shareholders
175,000
550,000

350,000
1,100,000


5.


Tangible fixed assets





Office equipment

£



Cost


At 1 April 2022
24,974


Additions
28,240



At 31 March 2023

53,214



Depreciation


At 1 April 2022
6,431


Charge for the year
11,729



At 31 March 2023

18,160



Net book value



At 31 March 2023
35,054



At 31 March 2022
18,543


6.


Debtors

2023
2022
£
£


Trade debtors
638,043
-

Amounts owed by group undertakings
123,620
-

Other debtors
1,162,214
609,720

Prepayments and accrued income
121,928
119,103

Tax recoverable
13,153
-

2,058,958
728,823


Page 6

 
INNIT INCORPORATED LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Cash

2023
2022
£
£

Cash at bank
5,694,693
4,754,383



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
55,360
48,111

Corporation tax
408,924
348,626

Other taxation and social security
15,216
4,657

Other creditors
5,136
1,064,024

Accruals
29,677
46,470

514,313
1,511,888



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1
1 (2022 - 1) Ordinary B share of £1.00
1
1

2

2



10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,024 (2022 - £901). Contributions totalling £673 (2022 - £2,101) were payable to the fund at the balance sheet date and are included in creditors. 

11.


Commitments under operating leases

As at the year end, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £124,976 (2022 – £NIL).
 
Page 7