Acorah Software Products - Accounts Production 14.5.601 false true 31 December 2022 6 September 2021 false 1 January 2023 31 December 2023 31 December 2023 13603197 J R Christianson M A Christianson M B Lake iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13603197 2022-12-31 13603197 2023-12-31 13603197 2023-01-01 2023-12-31 13603197 frs-core:CurrentFinancialInstruments 2023-12-31 13603197 frs-core:ComputerEquipment 2023-01-01 2023-12-31 13603197 frs-core:PlantMachinery 2023-12-31 13603197 frs-core:PlantMachinery 2023-01-01 2023-12-31 13603197 frs-core:PlantMachinery 2022-12-31 13603197 frs-core:ShareCapital 2023-12-31 13603197 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13603197 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13603197 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 13603197 frs-bus:SmallEntities 2023-01-01 2023-12-31 13603197 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13603197 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13603197 frs-bus:Director1 2023-01-01 2023-12-31 13603197 frs-bus:Director2 2023-01-01 2023-12-31 13603197 frs-bus:Director3 2023-01-01 2023-12-31 13603197 frs-bus:Director3 2022-12-31 13603197 frs-bus:Director3 2023-12-31 13603197 frs-countries:EnglandWales 2023-01-01 2023-12-31 13603197 2021-09-05 13603197 2022-12-31 13603197 2021-09-06 2022-12-31 13603197 frs-core:CurrentFinancialInstruments 2022-12-31 13603197 frs-core:ShareCapital 2022-12-31 13603197 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 13603197
Innovalab Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
PKW Accountancy Limited
Second Floor
1 Church Square
Leighton Buzzard
Bedfordshire
LU7 1AE
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 13603197
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,848 5,657
4,848 5,657
CURRENT ASSETS
Debtors 5 365,690 808,522
Cash at bank and in hand 2,403,719 553,271
2,769,409 1,361,793
Creditors: Amounts Falling Due Within One Year 6 (454,925 ) (270,936 )
NET CURRENT ASSETS (LIABILITIES) 2,314,484 1,090,857
TOTAL ASSETS LESS CURRENT LIABILITIES 2,319,332 1,096,514
NET ASSETS 2,319,332 1,096,514
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 2,319,232 1,096,414
SHAREHOLDERS' FUNDS 2,319,332 1,096,514
For the year ending 31 December 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 23 April 2024 and were signed on its behalf by:
J R Christianson
Director
M A Christianson
Director
23rd April 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Innovalab Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13603197 . The registered office is 86-90 Paul Street, London, EC2A 4NE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment straight line over 3 years
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 January 2023 5,820
Additions 1,698
As at 31 December 2023 7,518
Depreciation
As at 1 January 2023 163
Provided during the period 2,507
As at 31 December 2023 2,670
Net Book Value
As at 31 December 2023 4,848
As at 1 January 2023 5,657
5. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 358,290 808,496
Other debtors 7,400 26
365,690 808,522
Page 2
Page 3
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors - 2,700
Other creditors 9,643 20,275
Taxation and social security 445,282 247,961
454,925 270,936
7. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Michael Lake - 7,400 - - 7,400
The above loan is unsecured, interest free and repayable on demand.
Page 3