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REGISTERED NUMBER: 12923368 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 OCTOBER 2023

FOR

INNOVATION MARKETS LTD

INNOVATION MARKETS LTD (REGISTERED NUMBER: 12923368)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


INNOVATION MARKETS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 OCTOBER 2023







DIRECTORS: T Kortan
B J Doran





REGISTERED OFFICE: Bryant House
Bryant Road
Strood
Rochester
Kent
ME2 3EW





REGISTERED NUMBER: 12923368 (England and Wales)





ACCOUNTANTS: Friend & Grant Ltd
Bryant House
Bryant Road
Strood
Rochester
Kent
ME2 3EW

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
INNOVATION MARKETS LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Innovation Markets Ltd for the year ended 29 October 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Innovation Markets Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Innovation Markets Ltd and state those matters that we have agreed to state to the Board of Directors of Innovation Markets Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Innovation Markets Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Innovation Markets Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Innovation Markets Ltd. You consider that Innovation Markets Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Innovation Markets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Friend & Grant Ltd
Bryant House
Bryant Road
Strood
Rochester
Kent
ME2 3EW


Date: .............................................

INNOVATION MARKETS LTD (REGISTERED NUMBER: 12923368)

BALANCE SHEET
29 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 17,609 17,940
Tangible assets 6 38,656 25,753
Investments 7 433,251 127,926
489,516 171,619

CURRENT ASSETS
Debtors 8 1,659,922 809,373
Cash at bank and in hand 359,125 493,769
2,019,047 1,303,142
CREDITORS
Amounts falling due within one year 9 537,038 441,791
NET CURRENT ASSETS 1,482,009 861,351
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,971,525

1,032,970

PROVISIONS FOR LIABILITIES 9,664 -
NET ASSETS 1,961,861 1,032,970

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,961,761 1,032,870
SHAREHOLDERS' FUNDS 1,961,861 1,032,970

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

INNOVATION MARKETS LTD (REGISTERED NUMBER: 12923368)

BALANCE SHEET - continued
29 OCTOBER 2023


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 Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





B J Doran - Director


INNOVATION MARKETS LTD (REGISTERED NUMBER: 12923368)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023


1. STATUTORY INFORMATION

Innovation Markets 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

The percentage of completion method is used to calculate the turnover recognised at the period end.

Turnover from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

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 are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance


INNOVATION MARKETS LTD (REGISTERED NUMBER: 12923368)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 OCTOBER 2023


3. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Employee benefits
The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Financial instruments
Basic financial assets/liabilities including trade and other receivables/payables, cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of time) where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at amortised cost using the effective interest method.

Investments
Investments are recognised at cost less impairment.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

INNOVATION MARKETS LTD (REGISTERED NUMBER: 12923368)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 OCTOBER 2023


5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 30 October 2022 29,900
Additions 7,061
At 29 October 2023 36,961
AMORTISATION
At 30 October 2022 11,960
Charge for year 7,392
At 29 October 2023 19,352
NET BOOK VALUE
At 29 October 2023 17,609
At 29 October 2022 17,940

6. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 30 October 2022 36,627
Additions 25,789
At 29 October 2023 62,416
DEPRECIATION
At 30 October 2022 10,874
Charge for year 12,886
At 29 October 2023 23,760
NET BOOK VALUE
At 29 October 2023 38,656
At 29 October 2022 25,753

INNOVATION MARKETS LTD (REGISTERED NUMBER: 12923368)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 OCTOBER 2023


7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 30 October 2022 127,926
Additions 296,344
Impairments (521 )
Reversal of impairments 9,502
At 29 October 2023 433,251
NET BOOK VALUE
At 29 October 2023 433,251
At 29 October 2022 127,926

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,659,922 809,373

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,912 958
Taxation and social security 226,404 214,168
Other creditors 304,722 226,665
537,038 441,791

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 29 October 2023 and the period ended 29 October 2022:

2023 2022
£    £   
T Kortan
Balance outstanding at start of year 3,933 32,900
Amounts advanced 68,485 72,939
Amounts repaid (45,840 ) (101,906 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 26,578 3,933

INNOVATION MARKETS LTD (REGISTERED NUMBER: 12923368)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 OCTOBER 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

B J Doran
Balance outstanding at start of year (11,389 ) (2,431 )
Amounts advanced 75,662 90,606
Amounts repaid (45,840 ) (99,564 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,433 (11,389 )

The loan from the company to the director Mr B Doran is unsecured and repayable on demand, interest was charged on the loan at the official rate of interest per HMRC.

The loan from the company to the director Mr T Kortan is unsecured and repayable on demand, interest was charged on the loan at the official rate of interest per HMRC.

11. RELATED PARTY DISCLOSURES

Included in other debtors is a loan of £150,000 to a company in which the director, Mr T Kortan, is a director and the ultimate controlling party. The loan is unsecured, interest free and repayable on demand.

Included in other debtors is a loan of £1,430,000 to a company in which the director, Mr B J Doran, is a director and has joint control. The loan is unsecured, interest free and repayable on demand.