Company Registration No. 12445959 (England and Wales)
Innovative Metrics UK Ltd
Unaudited accounts
for the year ended 31 December 2023
Innovative Metrics UK Ltd
Unaudited accounts
Contents
Innovative Metrics UK Ltd
Company Information
for the year ended 31 December 2023
Directors
Nicholas Chapman
Kurosh Zahabian
Company Number
12445959 (England and Wales)
Registered Office
49 Station Road
Polegate
Sussex
BN26 6EA
United Kingdom
Accountants
JP Accountancy Services (Sussex) Limited
5 Fairfield Way
Ashington
Pulborough
West Sussex
RH20 3LA
Innovative Metrics UK Ltd
Statement of financial position
as at 31 December 2023
Called up share capital not paid
100
100
Cash at bank and in hand
8,494
31,115
Creditors: amounts falling due within one year
(332,539)
(275,690)
Net current liabilities
(257,315)
(199,386)
Net liabilities
(257,110)
(198,765)
Called up share capital
100
100
Profit and loss account
(257,210)
(198,865)
Shareholders' funds
(257,110)
(198,765)
For the 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. 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by
Nicholas Chapman
Director
Company Registration No. 12445959
Innovative Metrics UK Ltd
Notes to the Accounts
for the year ended 31 December 2023
Innovative Metrics UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 12445959. The registered office is 49 Station Road, Polegate, Sussex, BN26 6EA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
Straight line over 3 years
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Innovative Metrics UK Ltd
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Total
5
Deferred taxation
2023
2022
Accelerated capital allowances
20
278
Tax losses carried forward
(60,440)
(43,317)
Provision at start of year
(43,039)
(21,480)
Credited to the profit and loss account
(17,381)
(21,559)
Provision at end of year
(60,420)
(43,039)
Allotted, called up and fully paid:
85 Ordinary A shares of £1 each
85
85
15 Ordinary B shares of £1 each
15
15
7
Transactions with related parties
During the year, the business paid Hippo Ventures Limited consultancy fees of £46,200 (2022: £46,200). Hippo Ventures Limited is a company owned and managed by the director, Mr N Chapman.
8
Average number of employees
During the year the average number of employees was 0 (2022: 0).