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Registered number: 08529421
Innovative Risk Labs Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Square Mile Accounting Limited
Arquen House
4-6 Spicer Street
St. Albans
AL3 4PQ
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 08529421
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 38 378
Investments 6 16,520 -
16,558 378
CURRENT ASSETS
Debtors 7 33,998 22,359
Cash at bank and in hand 44,436 21,206
78,434 43,565
Creditors: Amounts Falling Due Within One Year 8 (32,656 ) (19,262 )
NET CURRENT ASSETS (LIABILITIES) 45,778 24,303
TOTAL ASSETS LESS CURRENT LIABILITIES 62,336 24,681
Creditors: Amounts Falling Due After More Than One Year 9 - (15,000 )
NET ASSETS 62,336 9,681
CAPITAL AND RESERVES
Called up share capital 11 786,597 632,968
Share premium account 128,306 27,035
Other reserves - 50,000
Income Statement (852,567 ) (700,322 )
SHAREHOLDERS' FUNDS 62,336 9,681
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For the year ending 30 November 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 Income Statement.
On behalf of the board
J W York
Director
29th August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Innovative Risk Labs Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08529421 . The registered office is 79 Straight Bit, Flackwell Heath, HP10 9NE.
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. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. This assumes that the company will continue in operational existence for a period of at least 12 months from the date the statement of financial position is signed. The directors have concluded that the company will have sufficient cash reserves to meet daily obligations and external liabilities as they fall due and that the going concern basis of preparation is therefore appropriate. The directors are of the opinion that financial support will continue to be forth coming from its parent company.
2.3. 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.
2.4. 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 33% straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Development Costs
£
Cost
As at 1 December 2022 68,240
As at 30 November 2023 68,240
Amortisation
As at 1 December 2022 68,240
As at 30 November 2023 68,240
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 -
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2022 6,545
As at 30 November 2023 6,545
Depreciation
As at 1 December 2022 6,167
Provided during the period 340
As at 30 November 2023 6,507
Net Book Value
As at 30 November 2023 38
As at 1 December 2022 378
6. Investments
Unlisted
£
Cost
As at 1 December 2022 -
Additions 16,520
As at 30 November 2023 16,520
Provision
As at 1 December 2022 -
As at 30 November 2023 -
...CONTINUED
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Net Book Value
As at 30 November 2023 16,520
As at 1 December 2022 -
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 32,117 8,816
Prepayments and accrued income 889 2,190
Other debtors 419 11,353
Other taxes and social security 573 -
33,998 22,359
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 97 3,522
Bank loans and overdrafts 90 -
Other taxes and social security - 15,171
Net wages 552 -
Other creditors 251 (2,940 )
Accruals and deferred income 15,000 916
Directors' loan accounts 16,666 2,593
32,656 19,262
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loan - 15,000
10. Deferred Taxation
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 period 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.
The company has estimated cumulative tax losses of £674,985 (2022 - £529,633), available for carrying forward against
future taxable profits. No provision for deferred tax on the losses has been recognised as it is not known exactly when the
company will make profits against which to use the losses.  Had a provision been made a deferred tax asset of £168,746
(2022: £132,408) would have been recognised.
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 786,597 632,968
90,424 Ordinary Shares of £1.00 each were allotted as fully paid at a premium of £0.38 per share during the year.
63,205 Ordinary Shares of £1.00 each were allotted as fully paid at a premium of £1.06 per share during the year.
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12. Related Party Transactions
During the year the company owed the following loans to directors:
£1,666 (2022 - £2,593) to J W York. 
£15,000 (2022 - £15,000) to E G York.
The loans are repayable on demand and interest-free.
13. Ultimate Controlling Party
In the opinion of the directors, there is no single ultimate controlling party.
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