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Registration number: 09946183

Innovation Bathrooms Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Innovation Bathrooms Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Innovation Bathrooms Ltd

Company Information

Directors

Mr Joseph Carpenter

Mrs Sophie Carpenter

Registered office

55 Rosebery Avenue
Hythe
Southampton
Hampshire
SO45 3HA

Accountants

CrunchWise
18 Elgin Close
Hythe
Southampton
Hampshire
SO45 6JG

 

Innovation Bathrooms Ltd

(Registration number: 09946183)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,780

6,711

Current assets

 

Stocks

5

11,661

11,661

Debtors

6

63,532

47,243

Cash at bank and in hand

 

19,107

16,408

 

94,300

75,312

Creditors: Amounts falling due within one year

7

(50,847)

(42,441)

Net current assets

 

43,453

32,871

Total assets less current liabilities

 

50,233

39,582

Creditors: Amounts falling due after more than one year

7

(30,354)

(36,940)

Provisions for liabilities

(1,288)

(1,493)

Net assets

 

18,591

1,149

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

18,491

1,049

Shareholders' funds

 

18,591

1,149

 

Innovation Bathrooms Ltd

(Registration number: 09946183)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 

.........................................
Mr Joseph Carpenter
Director

 

Innovation Bathrooms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
55 Rosebery Avenue
Hythe
Southampton
Hampshire
SO45 3HA

These financial statements were authorised for issue by the Board on 4 October 2024.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful
lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged
to profit and loss.

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.

 

Innovation Bathrooms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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

Motor Vehicles

25% Reducing Balance

Fixtures & Fittings

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Innovation Bathrooms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

 

Innovation Bathrooms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

3,231

18,123

21,354

Additions

2,022

-

2,022

At 31 January 2024

5,253

18,123

23,376

Depreciation

At 1 February 2023

1,181

13,462

14,643

Charge for the year

788

1,165

1,953

At 31 January 2024

1,969

14,627

16,596

Carrying amount

At 31 January 2024

3,284

3,496

6,780

At 31 January 2023

2,050

4,661

6,711

5

Stocks

2024
£

2023
£

Other inventories

11,661

11,661

6

Debtors

Current

2024
£

2023
£

Trade debtors

9,367

8,704

Prepayments

2,040

1,281

Other debtors

52,125

37,258

 

63,532

47,243

 

Innovation Bathrooms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

4,260

9,146

Trade creditors

 

13,438

9,597

Taxation and social security

 

11,331

8,559

Accruals and deferred income

 

-

180

Other creditors

 

21,818

14,959

 

50,847

42,441

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

30,354

34,738

Other non-current financial liabilities

 

-

2,202

 

30,354

36,940

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Share Capital of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

30,354

34,738

 

Innovation Bathrooms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

4,260

9,146

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £287 (2023 - £462) per ordinary share

 

28,700

 

46,200

         

11

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr Joseph Carpenter

Interest charged at 2.25% & changed to 2% with effect from 6 April 2021. Repayable on demand

28,700

43,069

(28,700)

43,069

         
       

 



 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Joseph Carpenter

Interest charged at 2.25% & changed to 2% with effect from 6 April 2021. Repayable on demand

52,587

28,700

(52,587)

28,700

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,371

12,251

Contributions paid to money purchase schemes

184

180

12,555

12,431