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COMPANY REGISTRATION NUMBER: 13067790
Innovative Online Solutions Ltd
Filleted Unaudited Financial Statements
For the Year Ended
31 December 2023
Innovative Online Solutions Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
29,250
33,350
Current Assets
Debtors
6
38,404
1,153
Cash at bank and in hand
3,750
20,319
---------
---------
42,154
21,472
Creditors: amounts falling due within one year
7
32,694
39,300
---------
---------
Net Current Assets/(Liabilities)
9,460
( 17,828)
---------
---------
Total Assets Less Current Liabilities
38,710
15,522
Provisions
5,038
3,942
---------
---------
Net Assets
33,672
11,580
---------
---------
Innovative Online Solutions Ltd
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
100
100
Profit and loss account
33,572
11,480
---------
---------
Shareholders Funds
33,672
11,580
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Karen Day
Director
Company registration number: 13067790
Innovative Online Solutions Ltd
Notes to the Financial Statements
Year Ended 31st December 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, CO1 1QT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. Revenue Recognition Turnover is measured at the fair value of the consideration received or receivable for livery and parking space rentals. Income Tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Tangible Assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Parking spaces - 20 years
Plant and machinery - 15% straight line
Impairment of Fixed Assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2022: Nil).
5. Tangible Assets
Parking spaces
Plant and machinery
Total
£
£
£
Cost
At 1st January 2023 and 31st December 2023
9,500
26,000
35,500
-------
---------
---------
Depreciation
At 1st January 2023
200
1,950
2,150
Charge for the year
200
3,900
4,100
-------
---------
---------
At 31st December 2023
400
5,850
6,250
-------
---------
---------
Carrying amount
At 31st December 2023
9,100
20,150
29,250
-------
---------
---------
At 31st December 2022
9,300
24,050
33,350
-------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
153
Other debtors
38,404
1,000
---------
-------
38,404
1,153
---------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,000
748
Corporation tax
4,458
Other creditors
27,236
38,552
---------
---------
32,694
39,300
---------
---------
8. Directors' Advances, Credits and Guarantees
At the year end the directors owed the company £38,404 as shown in debtors due within one year. This was repaid in September 2024.