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Company Registration No. NI669917 (Northern Ireland)
Innov8 Living Ltd Unaudited accounts for the year ended 30 June 2023
Innov8 Living Ltd Unaudited accounts Contents
Page
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Innov8 Living Ltd Company Information for the year ended 30 June 2023
Director
Mr Edward McCrea
Company Number
NI669917 (Northern Ireland)
Registered Office
29 Ardpatrick Gardens BELFAST County Antrim BT6 9GF
Accountants
SJK 8 Bridge Road Moira Co. Armagh BT67 0PF
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Innov8 Living Ltd Statement of financial position as at 30 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
30,858 
18,909 
Investment property
624,738 
378,927 
655,596 
397,836 
Current assets
Cash at bank and in hand
22,601 
6,168 
Creditors: amounts falling due within one year
(423,276)
(393,625)
Net current liabilities
(400,675)
(387,457)
Total assets less current liabilities
254,921 
10,379 
Creditors: amounts falling due after more than one year
(244,187)
- 
Net assets
10,734 
10,379 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
10,634 
10,279 
Shareholders' funds
10,734 
10,379 
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 March 2024 and were signed on its behalf by
Mr Edward McCrea Director Company Registration No. NI669917
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Innov8 Living Ltd Notes to the Accounts for the year ended 30 June 2023
1
Statutory information
Innov8 Living Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI669917. The registered office is 29 Ardpatrick Gardens, BELFAST, County Antrim, BT6 9GF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
18% Reducing balance basis
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
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Innov8 Living Ltd Notes to the Accounts for the year ended 30 June 2023
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 July 2022
21,610 
Additions
16,409 
At 30 June 2023
38,019 
Depreciation
At 1 July 2022
2,701 
Charge for the year
4,460 
At 30 June 2023
7,161 
Net book value
At 30 June 2023
30,858 
At 30 June 2022
18,909 
5
Investment property
2023 
£ 
Fair value at 1 July 2022
378,927 
Additions
245,811 
At 30 June 2023
624,738 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
384,800 
356,906 
Taxes and social security
1,130 
3,045 
Loans from directors
36,196 
31,384 
Accruals
1,150 
2,290 
423,276 
393,625 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
244,187 
- 
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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