Company registration number 09884466 (England and Wales)
INTERACTIVE COVENTRY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INTERACTIVE COVENTRY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
INTERACTIVE COVENTRY LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
7,586
9,187
Tangible assets
5
2,860
1,249
10,446
10,436
Current assets
Debtors
6
33,942
8,049
Cash at bank and in hand
22,307
1,725
56,249
9,774
Creditors: amounts falling due within one year
7
(170,420)
(148,314)
Net current liabilities
(114,171)
(138,540)
Net liabilities
(103,725)
(128,104)
Capital and reserves
Called up share capital
8
100
100
Share premium account
299,940
299,940
Profit and loss reserves
(403,765)
(428,144)
Total equity
(103,725)
(128,104)

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

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Dr R Iqbal
Director
Company Registration No. 09884466
INTERACTIVE COVENTRY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 November 2022:
Balance at 1 December 2021
100
299,940
265,652
565,692
Prior year adjustment
10
-
-
0
(717,627)
(717,627)
As restated
100
299,940
(451,975)
(151,935)
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
23,831
23,831
Balance at 30 November 2022
100
299,940
(428,144)
(128,104)
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
24,379
24,379
Balance at 30 November 2023
100
299,940
(403,765)
(103,725)
INTERACTIVE COVENTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Interactive Coventry Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Technocentre, Coventry University Technology Park, Puma Way, Coventry, West Midlands, CV1 2TT.

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
Prior period adjustment

Due to a change in accounting policy, the accounts have been restated to remove capitalised development expenditure as an intangible asset from the company's balance sheet and remove the associated amortisation charges. The change has resulted in the profit available for distribution at 30 November 2023 increasing by £44,956.

1.3
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Patents
10 years straight line
INTERACTIVE COVENTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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% reducing balance basis
Computer equipment
33.3% straight line basis
1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in bank only.

1.10
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 trade debtors, corporation tax recoverable, other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 trade creditors, other creditors, and taxation and social security, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

INTERACTIVE COVENTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of fixed assets.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
6
3
INTERACTIVE COVENTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Intangible fixed assets
Patents
£
Cost
At 1 December 2022 and 30 November 2023
16,013
Amortisation and impairment
At 1 December 2022
6,826
Amortisation charged for the year
1,601
At 30 November 2023
8,427
Carrying amount
At 30 November 2023
7,586
At 30 November 2022
9,187
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
15,344
Additions
3,300
At 30 November 2023
18,644
Depreciation and impairment
At 1 December 2022
14,095
Depreciation charged in the year
1,689
At 30 November 2023
15,784
Carrying amount
At 30 November 2023
2,860
At 30 November 2022
1,249
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
7,980
Corporation tax recoverable
30,869
-
0
Other debtors
3,073
69
33,942
8,049
INTERACTIVE COVENTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,980
616
Taxation and social security
472
653
Other creditors
167,968
147,045
170,420
148,314
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Related party transactions

Included within other creditors falling due within one year are aggregated balances of £129,820 (2022: £71,820) which is payable to the company directors. These loans are interest free and repayable on demand.

INTERACTIVE COVENTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
10
Prior period adjustment
Reconciliation of changes in equity
1 December
30 November
2021
2022
£
£
Adjustments to prior year
2016-2021 capitalised development costs
(1,034,557)
(1,034,557)
2022 development costs
-
(84,364)
2016-2021 amortisation of development costs
316,930
316,930
2022 amortisation of development costs
-
129,320
Total adjustments
(717,627)
(672,671)
Equity as previously reported
565,692
544,567
Equity as adjusted
(151,935)
(128,104)
Analysis of the effect upon equity
Profit and loss reserves
(717,627)
(672,671)
Reconciliation of changes in (loss)/profit for the previous financial period
2022
£
Adjustments to prior year
2022 development costs
(84,364)
2022 amortisation of development costs
129,320
Total adjustments
44,956
Loss as previously reported
(21,125)
Profit as adjusted
23,831
Notes to reconciliation

Due to a change in accounting policy, the accounts have been restated to remove capitalised development expenditure as an intangible asset from the company's balance sheet and remove the associated amortisation charges. The change has resulted in the profit available for distribution at 30 November 2023 increasing by £44,956.

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