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REGISTERED NUMBER: 07408562 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Innovate Now Ltd

Innovate Now Ltd (Registered number: 07408562)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Innovate Now Ltd

Company Information
for the Year Ended 31 December 2022







DIRECTOR: Mr M D Kilroy





REGISTERED OFFICE: The Old Printworks
65 Church Street
Littleborough
Lancashire
OL15 8AB





REGISTERED NUMBER: 07408562 (England and Wales)





ACCOUNTANTS: Versatile Accountancy Services Ltd
The Old Printworks
65 Church Street
Littleborough
Lancashire
OL15 8AB

Innovate Now Ltd (Registered number: 07408562)

Statement of Financial Position
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 - 19,650

CURRENT ASSETS
Debtors 5 42,888 24,872
Cash at bank and in hand 2,623 5,602
45,511 30,474
CREDITORS
Amounts falling due within one year 6 34,090 24,932
NET CURRENT ASSETS 11,421 5,542
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,421

25,192

CREDITORS
Amounts falling due after more than
one year

7

(16,602

)

(21,777

)

PROVISIONS FOR LIABILITIES 8 - (3,305 )
NET (LIABILITIES)/ASSETS (5,181 ) 110

Innovate Now Ltd (Registered number: 07408562)

Statement of Financial Position - continued
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 104 103
Retained earnings 9 (5,285 ) 7
SHAREHOLDERS' FUNDS (5,181 ) 110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 January 2024 and were signed by:





Mr M D Kilroy - Director


Innovate Now Ltd (Registered number: 07408562)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Innovate Now Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs have been fully amortised in the current year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Computer equipment - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Innovate Now Ltd (Registered number: 07408562)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
to Computer
property equipment Totals
£    £    £   
COST
At 1 January 2022 16,077 7,282 23,359
Additions - 4,411 4,411
Disposals (16,077 ) (11,693 ) (27,770 )
At 31 December 2022 - - -
DEPRECIATION
At 1 January 2022 2,193 1,516 3,709
Charge for year 1,608 1,293 2,901
Eliminated on disposal (3,801 ) (2,809 ) (6,610 )
At 31 December 2022 - - -
NET BOOK VALUE
At 31 December 2022 - - -
At 31 December 2021 13,884 5,766 19,650

Innovate Now Ltd (Registered number: 07408562)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.12.22 31.12.21
£    £   
Other debtors 10,679 5,181
Directors' loan accounts 32,209 15,941
Prepayments and accrued income - 3,750
42,888 24,872

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.12.22 31.12.21
£    £   
Tax 15,704 7,544
Social security and other taxes 2,702 1,116
VAT 9,474 13,706
Other creditors 1,528 -
Accrued expenses 4,682 2,566
34,090 24,932

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans - 1-2 years 16,602 21,777

8. PROVISIONS FOR LIABILITIES
31.12.22 31.12.21
£    £   
Deferred tax - 3,305

Deferred
tax
£   
Balance at 1 January 2022 3,305
Provided during year (3,305 )
Balance at 31 December 2022 -

Innovate Now Ltd (Registered number: 07408562)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

9. RESERVES
Retained
earnings
£   

At 1 January 2022 7
Deficit for the year (5,292 )
At 31 December 2022 (5,285 )