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REGISTERED COMPANY NUMBER: 07735710 (England and Wales)
REGISTERED CHARITY NUMBER: 1153263














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Innovation Dance Studios Limited

Innovation Dance Studios Limited






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Report of the Trustees 1

Independent Examiner's Report 2 to 3

Statement of Financial Activities 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 13

Innovation Dance Studios Limited (Registered number: 07735710)

Report of the Trustees
for the Year Ended 31 March 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07735710 (England and Wales)

Registered Charity number
1153263

Registered office
96-98 Pitshanger Lane
Ealing
Middlesex
W5 1QX

Trustees
Ms E J Hardy Company Director
D Keating Company director
Ms J Miler Company director
Miss Z C Newell Company Director

Independent Examiner
Sangita Hitesh Patel FCCA
Khushkam Limited
46-48 Byron Road
Wealdstone
Harrow
Middlesex
HA3 7SS

Approved by order of the board of trustees on 10 September 2024 and signed on its behalf by:





Miss Z C Newell - Trustee

Independent Examiner's Report to the Trustees of
Innovation Dance Studios Limited

Independent examiner's report to the trustees of Innovation Dance Studios Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent Examiner's Report to the Trustees of
Innovation Dance Studios Limited


Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Sangita Hitesh Patel FCCA
The Association of Chartered Certified Accountants

Khushkam Limited
46-48 Byron Road
Wealdstone
Harrow
Middlesex
HA3 7SS

12 September 2024

Innovation Dance Studios Limited

Statement of Financial Activities
for the Year Ended 31 March 2024

31.3.24 31.3.23
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 571,603 526,741

Other trading activities 2 (334,020 ) (318,920 )
Investment income 3 17,782 16,927
Total 255,365 224,748

EXPENDITURE ON
Raising funds 4 3,181 3,685

Charitable activities
General 234,821 232,824
Total 238,002 236,509

NET INCOME/(EXPENDITURE) 17,363 (11,761 )


RECONCILIATION OF FUNDS
Total funds brought forward 440,730 452,491

TOTAL FUNDS CARRIED FORWARD 458,093 440,730

Innovation Dance Studios Limited (Registered number: 07735710)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 9 817,163 819,507
Investments 10 356,442 356,442
1,173,605 1,175,949

CURRENT ASSETS
Debtors 11 47,185 5,250
Cash at bank 17,684 22,110
64,869 27,360

CREDITORS
Amounts falling due within one year 12 (156,511 ) (201,614 )

NET CURRENT ASSETS (91,642 ) (174,254 )

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,081,963

1,001,695

CREDITORS
Amounts falling due after more than one
year

13

(623,870

)

(560,965

)

NET ASSETS 458,093 440,730
FUNDS 15
Unrestricted funds 458,093 440,730
TOTAL FUNDS 458,093 440,730

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.



Innovation Dance Studios Limited (Registered number: 07735710)

Balance Sheet - continued
31 March 2024

The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that 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 charitable company as at the end of each financial year and of its surplus or deficit 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 charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 10 September 2024 and were signed on its behalf by:





Z C Newell - Trustee





E J Hardy - Trustee

Innovation Dance Studios Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Fixtures and fittings - 25% on reducing balance

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Innovation Dance Studios Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. OTHER TRADING ACTIVITIES
31.3.24 31.3.23
£    £   
Choreography & visual costs (27,155 ) (21,028 )
Dancewear purchased (15,291 ) (21,669 )
Teachers' fees (227,701 ) (221,113 )
Examination fees (19,761 ) (12,258 )
Studio hire (44,112 ) (42,852 )
(334,020 ) (318,920 )

3. INVESTMENT INCOME
31.3.24 31.3.23
£    £   
Rents received 17,700 16,900
Deposit account interest 82 27
17,782 16,927

4. RAISING FUNDS

Investment management costs
31.3.24 31.3.23
£    £   
Property repairs 3,079 3,298

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 2,344 3,726

6. TRUSTEES' REMUNERATION AND BENEFITS
31.3.24 31.3.23
£    £   
Trustees' salaries 100,000 100,000
Trustees' social security 6,620 7,033
Trustees' pension contributions to money purchase schemes 2,294 2,626
108,914 109,659

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Innovation Dance Studios Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.3.24 31.3.23
Management 2 2
Dance staff 1 2
3 4

No employees received emoluments in excess of £60,000.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 526,741

Other trading activities (318,920 )
Investment income 16,927
Total 224,748

EXPENDITURE ON
Raising funds 3,685

Charitable activities
General 232,824
Total 236,509

NET INCOME/(EXPENDITURE) (11,761 )


RECONCILIATION OF FUNDS
Total funds brought forward 452,491

TOTAL FUNDS CARRIED
FORWARD

440,730


Innovation Dance Studios Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and
property leasehold fittings Totals
£    £    £    £   
COST
At 1 April 2023 and 31 March 2024 753,362 56,767 45,622 855,751
DEPRECIATION
At 1 April 2023 - - 36,244 36,244
Charge for year - - 2,344 2,344
At 31 March 2024 - - 38,588 38,588
NET BOOK VALUE
At 31 March 2024 753,362 56,767 7,034 817,163
At 31 March 2023 753,362 56,767 9,378 819,507

10. FIXED ASSET INVESTMENTS
31.3.24 31.3.23
£    £   
Loans 356,442 356,442

Loans to
group
undertakings
£   
At 1 April 2023 and 31 March 2024 356,442

There were no investment assets outside the UK.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 31,802 -
Prepayments and accrued income 15,383 5,250
47,185 5,250


Innovation Dance Studios Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 228 421
Social security and other taxes 5,598 2,975
Other creditors 148,015 195,218
Accrued expenses 2,670 3,000
156,511 201,614

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 14) 623,870 560,965

14. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling between one and two years:
Bank loans - 1-2 years 137,945 52,609
Amounts falling due between two and five years:
Bank loans - 2-5 years 228,834 228,834
Amounts falling due in more than five years:

Repayable by instalments:
Bank loans more 5 yr by instal 257,091 279,522

15. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 440,730 17,363 458,093

TOTAL FUNDS 440,730 17,363 458,093

Innovation Dance Studios Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 255,365 (238,002 ) 17,363

TOTAL FUNDS 255,365 (238,002 ) 17,363


Comparatives for movement in funds

Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 452,491 (11,761 ) 440,730

TOTAL FUNDS 452,491 (11,761 ) 440,730

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 224,748 (236,509 ) (11,761 )

TOTAL FUNDS 224,748 (236,509 ) (11,761 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.4.22 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 452,491 5,602 458,093

TOTAL FUNDS 452,491 5,602 458,093

Innovation Dance Studios Limited

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 480,113 (474,511 ) 5,602

TOTAL FUNDS 480,113 (474,511 ) 5,602

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.