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REGISTERED NUMBER: 07800502 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

INNOVATIONS PLUS LIMITED

INNOVATIONS PLUS LIMITED (REGISTERED NUMBER: 07800502)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INNOVATIONS PLUS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: K B T Coles
E Coles





SECRETARY: G M Cameron





REGISTERED OFFICE: 2c Riley Close
Royal Oak Industrial Estate
Daventry
Northamptonshire
NN11 8QT





REGISTERED NUMBER: 07800502 (England and Wales)





ACCOUNTANTS: Shaw Gibbs Limited
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

INNOVATIONS PLUS LIMITED (REGISTERED NUMBER: 07800502)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 72,762 88,502
Investment property 5 170,333 170,333
243,095 258,835

CURRENT ASSETS
Stocks 26,000 76,810
Debtors 6 91,938 94,859
Cash at bank 213,711 151,380
331,649 323,049
CREDITORS
Amounts falling due within one year 7 21,979 19,067
NET CURRENT ASSETS 309,670 303,982
TOTAL ASSETS LESS CURRENT
LIABILITIES

552,765

562,817

PROVISIONS FOR LIABILITIES 15,396 15,316
NET ASSETS 537,369 547,501

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 537,269 547,401
SHAREHOLDERS' FUNDS 537,369 547,501

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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 profit or loss 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.

INNOVATIONS PLUS LIMITED (REGISTERED NUMBER: 07800502)

STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2023


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 30 October 2024 and were signed on its behalf by:





K B T Coles - Director


INNOVATIONS PLUS LIMITED (REGISTERED NUMBER: 07800502)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Innovations Plus Limited is a private company, limited by shares , 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.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


INNOVATIONS PLUS LIMITED (REGISTERED NUMBER: 07800502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 6 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022
and 31 October 2023 108,018 16,276 115,265 16,605 256,164
DEPRECIATION
At 1 November 2022 51,447 9,004 93,954 13,257 167,662
Charge for year 8,485 1,090 5,328 837 15,740
At 31 October 2023 59,932 10,094 99,282 14,094 183,402
NET BOOK VALUE
At 31 October 2023 48,086 6,182 15,983 2,511 72,762
At 31 October 2022 56,571 7,272 21,311 3,348 88,502

INNOVATIONS PLUS LIMITED (REGISTERED NUMBER: 07800502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 170,333
NET BOOK VALUE
At 31 October 2023 170,333
At 31 October 2022 170,333

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,632 47,930
Other debtors 1,504 18,426
Directors' current accounts 67,183 19,023
Tax - 1,999
VAT 431 2,876
Prepayments and accrued income 5,188 4,605
91,938 94,859

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 165 159
Tax 13,451 -
Social security and other taxes 3,025 3,340
Other creditors 62 -
Wages control - 617
Credit cards 1,118 6,891
Accruals and deferred income 4,158 8,060
21,979 19,067

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 16,500 -
Between one and five years 66,000 -
In more than five years 66,000 -
148,500 -

INNOVATIONS PLUS LIMITED (REGISTERED NUMBER: 07800502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. TRANSACTIONS WITH DIRECTORS

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
K B T Coles
Balance outstanding at start of year 19,023 20,867
Amounts advanced 41,388 1,777
Amounts repaid (25,000 ) (3,621 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 35,411 19,023

E Coles
Balance outstanding at start of year - -
Amounts advanced 56,773 -
Amounts repaid (25,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,773 -