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Registration number: 11130013

Innovate Planning Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Innovate Planning Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Innovate Planning Ltd

Company Information

Director

Ms Ruth Beard

Registered office

32 Battlefield Road
St. Albans
AL1 4DD

Accountants

Re:Accounts Limited
Chartered Accountants
Suite 1C Meadway Court
Meadway Technology Park
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

 

Innovate Planning Ltd

(Registration number: 11130013)
Balance Sheet as at 31 January 2024

Note

31 January
2024
£

31 January
2023
£

Fixed assets

 

Tangible assets

4

717

509

Current assets

 

Debtors

5

15,880

7,471

Cash at bank and in hand

 

7,408

33,175

 

23,288

40,646

Creditors: Amounts falling due within one year

6

(26,443)

(40,446)

Net current (liabilities)/assets

 

(3,155)

200

Net (liabilities)/assets

 

(2,438)

709

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(2,538)

609

Shareholders' (deficit)/funds

 

(2,438)

709

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.

Director's 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 director acknowledges her 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 director on 15 October 2024
 

.........................................
Ms Ruth Beard
Director

 

Innovate Planning 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:
32 Battlefield Road
St. Albans
AL1 4DD
England

These financial statements were authorised for issue by the director on 15 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 despite the losses observed in the year. This is because the director believes that the company will return to profitability in the following year. The director confirms that she will continue to support the company and will not remove her loan until such date as the company has sufficient cash reserves to continue without the loan.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of planning 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.

 

Innovate Planning Ltd

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

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

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

Computer equipment

4 years 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.

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.

 

Innovate Planning Ltd

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

2

Accounting policies (continued)

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 the director) during the year, was 1 (2023 - 1).

 

Innovate Planning Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

1,872

1,872

Additions

656

656

At 31 January 2024

2,528

2,528

Depreciation

At 1 February 2023

1,363

1,363

Charge for the year

448

448

At 31 January 2024

1,811

1,811

Carrying amount

At 31 January 2024

717

717

At 31 January 2023

509

509

5

Debtors

Current

31 January
2024
£

31 January
2023
£

Trade debtors

6,714

6,992

Other debtors

9,166

479

 

15,880

7,471

 

Innovate Planning Ltd

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

6

Creditors

Creditors: amounts falling due within one year

31 January
2024
£

31 January
2023
£

Due within one year

Taxation and social security

2,177

3,682

Other creditors

24,266

36,764

26,443

40,446

7

Share capital

Allotted, called up and fully paid shares

31 January
2024

31 January
2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Dividends

Interim dividends paid

31 January
2024
£

31 January
2023
£

Interim dividend of £Nil (2023 - £120.00) per each Ordinary

-

12,000

 

 

9

Related party transactions

Included in other creditors at the year end is £24,266 (2023: £36,764) owed from the company to the director. The loan is interest free with no fixed date for repayment. The director confirms that she does not intend to withdraw the loan unless the company has sufficient working capital to continue without it.

 

Innovate Planning Ltd

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

9

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,559