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REGISTERED NUMBER: 05997039 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE INNOVATION UNIT LIMITED
(A COMPANY LIMITED BY GUARANTEE)

THE INNOVATION UNIT LIMITED
(A COMPANY LIMITED BY GUARANTEE) (REGISTERED NUMBER: 05997039)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE INNOVATION UNIT LIMITED
(A COMPANY LIMITED BY GUARANTEE)

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: O O O Afuape
R Ayres
V M Hannon
D P Roberts
J D Thomas





SECRETARY: W Armah





REGISTERED OFFICE: Runway East
20 St Thomas Street
London
SE1 9RS





REGISTERED NUMBER: 05997039 (England and Wales)





ACCOUNTANTS: Liles Morris Limited
1st Floor
80 Coombe Road
New Malden
Surrey
KT3 4QS

THE INNOVATION UNIT LIMITED
(A COMPANY LIMITED BY GUARANTEE) (REGISTERED NUMBER: 05997039)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 12,075 17,358
12,075 17,358

CURRENT ASSETS
Debtors 6 746,186 1,282,227
Cash at bank 769,506 718,445
1,515,692 2,000,672
CREDITORS
Amounts falling due within one year 7 602,266 1,036,699
NET CURRENT ASSETS 913,426 963,973
TOTAL ASSETS LESS CURRENT
LIABILITIES

925,501

981,331

PROVISIONS FOR LIABILITIES 3,890 4,340
NET ASSETS 921,611 976,991

RESERVES
Income and expenditure account 921,611 976,991
921,611 976,991

The 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.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which 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 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 company.

THE INNOVATION UNIT LIMITED
(A COMPANY LIMITED BY GUARANTEE) (REGISTERED NUMBER: 05997039)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





D P Roberts - Director


THE INNOVATION UNIT LIMITED
(A COMPANY LIMITED BY GUARANTEE) (REGISTERED NUMBER: 05997039)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

The Innovation Unit Limited (A Company Limited by Guarantee) is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


THE INNOVATION UNIT LIMITED
(A COMPANY LIMITED BY GUARANTEE) (REGISTERED NUMBER: 05997039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 33 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 26,955
AMORTISATION
At 1 April 2023
and 31 March 2024 26,955
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

THE INNOVATION UNIT LIMITED
(A COMPANY LIMITED BY GUARANTEE) (REGISTERED NUMBER: 05997039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 43,441
Additions 5,500
Disposals (24,079 )
At 31 March 2024 24,862
DEPRECIATION
At 1 April 2023 26,083
Charge for year 10,378
Eliminated on disposal (23,674 )
At 31 March 2024 12,787
NET BOOK VALUE
At 31 March 2024 12,075
At 31 March 2023 17,358

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 472,393 1,020,492
Other debtors 273,793 261,735
746,186 1,282,227

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 101,397 137,394
Taxation and social security 118,032 210,063
Other creditors 382,837 689,242
602,266 1,036,699