Company registration number 08939489 (England and Wales)
INNOVATION CONTRACTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
INNOVATION CONTRACTING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
INNOVATION CONTRACTING LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
905
1,079
Current assets
Debtors
4
58,463
51,319
Cash at bank and in hand
5,826
20,573
64,289
71,892
Creditors: amounts falling due within one year
5
(19,198)
(19,286)
Net current assets
45,091
52,606
Net assets
45,996
53,685
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
45,896
53,585
Total equity
45,996
53,685

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 15 March 2024
D J Graham
Director
Company registration number 08939489 (England and Wales)
INNOVATION CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Innovation Contracting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alexandra House, Alexandra Road, Wisbech, Cambridgeshire, PE13 1HQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction.

INNOVATION CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
2,888
Depreciation and impairment
At 1 April 2022
1,809
Depreciation charged in the year
174
At 31 March 2023
1,983
Carrying amount
At 31 March 2023
905
At 31 March 2022
1,079
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
58,463
51,319
INNOVATION CONTRACTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
-
0
3,422
Other taxation and social security
7,597
6,331
Other creditors
11,601
9,533
19,198
19,286
6
Related party transactions

At the year end the company owed £6,863 to (2022 - was owed £3,595 by) the director, in respect of an interest free loan repayable on demand.

 

At the year end the company owed £500 (2022 - £500) to Ron Pritchard, a shareholder, in respect of an interest free loan repayable on demand.

 

The director's aggregate remuneration in respect of qualifying services was £34,000 (2022 - £28,000).

 

During the year the company settled amounts owed to Ron Pritchard totalling £26,500 (2022 - £30,500) in respect of qualifying services. These services were purchased on an arms length basis.

 

During the year, the company paid rent of £3,000 (2022 - £3,000) for office space in a property in which Ron Pritchard has a joint interest.

 

During the year the company purchased services amounting to £32,000 (2022 - £30,000) from Barwick Developments Limited, a company in which the director David Graham has a controlling interest. These services were purchased on an arms length basis. At the year end the balance owed to Barwick Developments was £1,738 (2022 - £10,378).

 

During the year the company purchased services amounting to £250 (2022 - £3,000) from Knights End Financial Administration Limited a company in which D Graham has a controlling interest. These services were purchased on an arms length basis.

 

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