IRIS Accounts Production v24.1.4.33 SC321616 director 1.12.22 30.11.23 30.11.23 false true false false false true false Ordinary shares 1.00000 Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3216162022-11-30SC3216162023-11-30SC3216162022-12-012023-11-30SC3216162021-11-30SC3216162021-12-012022-11-30SC3216162022-11-30SC321616ns15:Scotland2022-12-012023-11-30SC321616ns14:PoundSterling2022-12-012023-11-30SC321616ns10:Director12022-12-012023-11-30SC321616ns10:PrivateLimitedCompanyLtd2022-12-012023-11-30SC321616ns10:SmallEntities2022-12-012023-11-30SC321616ns10:AuditExemptWithAccountantsReport2022-12-012023-11-30SC321616ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-30SC321616ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC321616ns10:FullAccounts2022-12-012023-11-30SC32161612022-12-012023-11-30SC321616ns10:OrdinaryShareClass12022-12-012023-11-30SC321616ns10:RegisteredOffice2022-12-012023-11-30SC321616ns5:CurrentFinancialInstruments2023-11-30SC321616ns5:CurrentFinancialInstruments2022-11-30SC321616ns5:Non-currentFinancialInstruments2023-11-30SC321616ns5:Non-currentFinancialInstruments2022-11-30SC321616ns5:ShareCapital2023-11-30SC321616ns5:ShareCapital2022-11-30SC321616ns5:RetainedEarningsAccumulatedLosses2023-11-30SC321616ns5:RetainedEarningsAccumulatedLosses2022-11-30SC321616ns5:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-30SC321616ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-12-012023-11-30SC321616ns5:PlantMachinery2022-12-012023-11-30SC321616ns5:MotorVehicles2022-12-012023-11-30SC321616ns5:ComputerEquipment2022-12-012023-11-30SC321616ns5:PatentsTrademarksLicencesConcessionsSimilar2022-11-30SC321616ns5:PatentsTrademarksLicencesConcessionsSimilar2023-11-30SC321616ns5:PatentsTrademarksLicencesConcessionsSimilar2022-11-30SC321616ns5:LandBuildings2022-11-30SC321616ns5:PlantMachinery2022-11-30SC321616ns5:MotorVehicles2022-11-30SC321616ns5:ComputerEquipment2022-11-30SC321616ns5:LandBuildings2022-12-012023-11-30SC321616ns5:LandBuildings2023-11-30SC321616ns5:PlantMachinery2023-11-30SC321616ns5:MotorVehicles2023-11-30SC321616ns5:ComputerEquipment2023-11-30SC321616ns5:LandBuildings2022-11-30SC321616ns5:PlantMachinery2022-11-30SC321616ns5:MotorVehicles2022-11-30SC321616ns5:ComputerEquipment2022-11-30SC321616ns5:CostValuation2022-11-30SC321616ns5:AdditionsToInvestments2023-11-30SC321616ns5:CostValuation2023-11-30SC321616ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30SC321616ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30SC321616ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-11-30SC321616ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-11-30SC321616ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-11-30SC321616ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-11-30SC321616ns10:OrdinaryShareClass12023-11-30
REGISTERED NUMBER: SC321616 (Scotland)









INNOVATE (COWDENBEATH) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023






INNOVATE (COWDENBEATH) LIMITED (REGISTERED NUMBER: SC321616)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023




Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


INNOVATE (COWDENBEATH) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2023







DIRECTOR: A K Brewster





REGISTERED OFFICE: Bonnington Store
Wilkieston
Kirknewton
EH27 8BB





REGISTERED NUMBER: SC321616 (Scotland)





ACCOUNTANTS: russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
INNOVATE (COWDENBEATH) LIMITED

The following reproduces the text of the report prepared for the director 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 Director 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 Innovate (Cowdenbeath) Limited for the year ended 30th November 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Innovate (Cowdenbeath) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Innovate (Cowdenbeath) Limited and state those matters that we have agreed to state to the director of Innovate (Cowdenbeath) Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Innovate (Cowdenbeath) Limited 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 Innovate (Cowdenbeath) Limited. You consider that Innovate (Cowdenbeath) Limited 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 Innovate (Cowdenbeath) Limited. 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.






russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL


30th August 2024

INNOVATE (COWDENBEATH) LIMITED (REGISTERED NUMBER: SC321616)

BALANCE SHEET
30TH NOVEMBER 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 170 170
Tangible assets 5 350,015 348,015
Investments 6 241,868 241,128
592,053 589,313

CURRENT ASSETS
Debtors 7 33,351 33,028
Cash at bank and in hand 20,088 49,509
53,439 82,537
CREDITORS
Amounts falling due within one year 8 108,073 92,448
NET CURRENT LIABILITIES (54,634 ) (9,911 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

537,419

579,402

CREDITORS
Amounts falling due after more than one
year

9

(2,015,040

)

(2,119,455

)

PROVISIONS FOR LIABILITIES (8,183 ) (3,051 )
NET LIABILITIES (1,485,804 ) (1,543,104 )

CAPITAL AND RESERVES
Called up share capital 11 4 4
Retained earnings (1,485,808 ) (1,543,108 )
SHAREHOLDERS' FUNDS (1,485,804 ) (1,543,104 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

INNOVATE (COWDENBEATH) LIMITED (REGISTERED NUMBER: SC321616)

BALANCE SHEET - continued
30TH NOVEMBER 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 director and authorised for issue on 30th August 2024 and were signed by:





A K Brewster - Director


INNOVATE (COWDENBEATH) LIMITED (REGISTERED NUMBER: SC321616)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023

1. STATUTORY INFORMATION

Innovate (Cowdenbeath) Limited is a private company, limited by shares , registered in Scotland. 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. ACCOUNTING POLICIES

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

Going Concern
The company had negative reserves of £1,485,804 at 30th November 2023 (2022: £1,543,104). Included in creditors is £1,995,132 owed to directors and group undertakings (2022: £2,089,532). The directors therefore believe it is appropriate to prepare the financial statements on a going concern basis.

Turnover
The turnover shown in the profit and loss account represents the sales value of work done during the year, exclusive of Value Added Tax.

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.

Patents and licences are not being amortised and are being held at a value of £170.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 10% straight line
Ground improvements - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office Equipment - 20% straight line and 20% on reducing balance

The freehold land is included at fair value.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.


INNOVATE (COWDENBEATH) LIMITED (REGISTERED NUMBER: SC321616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1st December 2022
and 30th November 2023 170
NET BOOK VALUE
At 30th November 2023 170
At 30th November 2022 170

5. TANGIBLE FIXED ASSETS
Freehold Ground Motor Office
property improvements vehicles Equipment Totals
£    £    £    £    £   
COST
At 1st December 2022 326,650 37,254 17,840 118,312 500,056
Additions - - 16,667 - 16,667
At 30th November 2023 326,650 37,254 34,507 118,312 516,723
DEPRECIATION
At 1st December 2022 10,212 34,491 15,029 92,309 152,041
Charge for year 2,665 553 3,827 7,622 14,667
At 30th November 2023 12,877 35,044 18,856 99,931 166,708
NET BOOK VALUE
At 30th November 2023 313,773 2,210 15,651 18,381 350,015
At 30th November 2022 316,438 2,763 2,811 26,003 348,015

INNOVATE (COWDENBEATH) LIMITED (REGISTERED NUMBER: SC321616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

6. FIXED ASSET INVESTMENTS

30.11.23 30.11.22
£    £   
Shares in group undertakings 100 100
Loans to group undertakings 241,768 241,028
241,868 241,128

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1st December 2022
and 30th November 2023 100
NET BOOK VALUE
At 30th November 2023 100
At 30th November 2022 100
Loans to
group
undertakings
£   
At 1st December 2022 241,028
New in year 740
At 30th November 2023 241,768

The company owns 100% of the issued share capital of 100 Ordinary shares of £1 each in Countrylife Homes Ltd. This company is registered in Scotland.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 18,360 18,360
Other debtors 14,991 14,668
33,351 33,028

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts (see note 10) 10,015 9,768
Trade creditors 33,653 24,779
Taxation and social security 49,564 50,683
Other creditors 14,841 7,218
108,073 92,448

INNOVATE (COWDENBEATH) LIMITED (REGISTERED NUMBER: SC321616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans (see note 10) 19,908 29,923
Other creditors 1,995,132 2,089,532
2,015,040 2,119,455

10. LOANS

An analysis of the maturity of loans is given below:

30.11.23 30.11.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,015 9,768

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,268 10,015

Amounts falling due between two and five years:
Bank loans - 2-5 years 9,640 19,908

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
4 Ordinary shares £1 4 4

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.