Innovation 2 Commercialisation (I2C) Ltd 11768985 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of management consutltancy. Digita Accounts Production Advanced 6.30.9574.0 true 11768985 2023-01-01 2023-12-31 11768985 2023-12-31 11768985 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-12-31 11768985 core:CurrentFinancialInstruments 2023-12-31 11768985 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11768985 core:FurnitureFittingsToolsEquipment 2023-12-31 11768985 bus:SmallEntities 2023-01-01 2023-12-31 11768985 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11768985 bus:FullAccounts 2023-01-01 2023-12-31 11768985 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11768985 bus:RegisteredOffice 2023-01-01 2023-12-31 11768985 bus:Director1 2023-01-01 2023-12-31 11768985 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-01-01 2023-12-31 11768985 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11768985 bus:Agent1 2023-01-01 2023-12-31 11768985 core:ComputerEquipment 2023-01-01 2023-12-31 11768985 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 11768985 countries:AllCountries 2023-01-01 2023-12-31 11768985 2022-12-31 11768985 core:FurnitureFittingsToolsEquipment 2022-12-31 11768985 2022-01-01 2022-12-31 11768985 2022-12-31 11768985 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-12-31 11768985 core:CurrentFinancialInstruments 2022-12-31 11768985 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11768985 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11768985

Innovation 2 Commercialisation (I2C) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Innovation 2 Commercialisation (I2C) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Innovation 2 Commercialisation (I2C) Ltd

Company Information

Director

Dr F J Allison

Registered office

11 Riverview
Heaton Mersey
Stockport
Heaton Mersey
Stockport
SK4 3GN

Bankers

Barclays

Accountants

McKellens Ltd
Chartered Accountants
11 Riverview
The Embankment Business Park
Vale Road
Heaton Mersey
Stockport
SK4 3GN

 

Innovation 2 Commercialisation (I2C) Ltd

(Registration number: 11768985)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

301

983

Current assets

 

Debtors

5

5,435

1,869

Cash at bank and in hand

 

7,363

58,413

 

12,798

60,282

Creditors: Amounts falling due within one year

6

(6,617)

(12,238)

Net current assets

 

6,181

48,044

Total assets less current liabilities

 

6,482

49,027

Provisions for liabilities

-

(186)

Net assets

 

6,482

48,841

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

6,481

48,840

Shareholders' funds

 

6,482

48,841

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 May 2024
 

.........................................
Dr F J Allison
Director

   
     
 

Innovation 2 Commercialisation (I2C) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
11 Riverview
Heaton Mersey
Stockport
Heaton Mersey
Stockport
SK4 3GN

These financial statements were authorised for issue by the director on 17 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Innovation 2 Commercialisation (I2C) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% per annum on a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Innovation 2 Commercialisation (I2C) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

5,688

5,688

At 31 December 2023

5,688

5,688

Depreciation

At 1 January 2023

4,705

4,705

Charge for the year

682

682

At 31 December 2023

5,387

5,387

Carrying amount

At 31 December 2023

301

301

At 31 December 2022

983

983

5

Debtors

Current

2023
£

2022
£

Trade debtors

5,270

1,757

Prepayments

165

112

 

5,435

1,869

 

Innovation 2 Commercialisation (I2C) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

148

108

Taxation and social security

10

5,566

Accruals and deferred income

1,058

1,163

Other creditors

5,401

5,401

6,617

12,238

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1