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Registration number: 05105923

Bubble Innovator Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Bubble Innovator Ltd

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Bubble Innovator Ltd

Company Information
__________________________________________________________________________

Directors

J D Platt

P R Hoyland

Registered office

28 Ashley Lane
Hendon
London
NW4 1HG


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
N3 2LJ

 

Bubble Innovator Ltd

(Registration number: 05105923)
Balance Sheet as at 31 December 2023
__________________________________________________________________________

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

3

 

1,537

 

2,049

Current assets

   

 

Debtors

4

468,408

 

331,489

 

Cash at bank and in hand

 

53,063

 

74,083

 

 

521,471

 

405,572

 

Creditors: Amounts falling due within one year

5

(9,135)

 

(20,309)

 

Net current assets

   

512,336

 

385,263

Net assets

   

513,873

 

387,312

Capital and reserves

   

 

Called up share capital

6

1,000

 

1,000

 

Retained earnings

512,873

 

386,312

 

Shareholders' funds

   

513,873

 

387,312

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.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

 

Bubble Innovator Ltd

(Registration number: 05105923)
Balance Sheet as at 31 December 2023
__________________________________________________________________________

.........................................
P R Hoyland
Director

 

Bubble Innovator Ltd

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

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

 

Bubble Innovator Ltd

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

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

Furniture, fixtures and equipment

25% on reducing balance basis

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Bubble Innovator Ltd

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

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

18,177

18,177

At 31 December 2023

18,177

18,177

Depreciation

At 1 January 2023

16,128

16,128

Charge for the year

512

512

At 31 December 2023

16,640

16,640

Carrying amount

At 31 December 2023

1,537

1,537

At 31 December 2022

2,049

2,049

4

Debtors

Current

2023
£

2022
£

Trade debtors

92,292

81,782

Other debtors

376,116

249,707

 

468,408

331,489

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2

2

Taxation and social security

61

7,826

Accruals and deferred income

1,500

4,909

Other creditors

7,572

7,572

9,135

20,309

 

Bubble Innovator Ltd

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

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

7

Related party transactions

Summary of transactions with parent

Bubble Ltd, a parent Company by virtue of 96% controlling shareholding.
 During the year, Bubble Innovator Ltd charged its parent company, Bubble Ltd management fees to the value of £115,000 (2022: £30,000) and Bubble Ltd charged Bubble Innovator Ltd software licenses fees to the value of £210,916 (2022: £275,640).
At the balance sheet date the amount owing from Bubble Ltd was £369,707 (2022: £248,707).


 

Summary of transactions with other related parties

Bubble Group Ltd , a 59% controlled Company by same majority Company Directors' shareholdings.
 At the balance sheet date the amount due to Bubble Group Ltd was £(7,572) (2022: £(7,572)).