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INNOVATE SOCIAL LTD

Registered Number
NI696320
(Northern Ireland)

Unaudited Financial Statements for the Period ended
30 April 2024

INNOVATE SOCIAL LTD
Company Information
for the period from 15 April 2023 to 30 April 2024

Director

Joshua Watts

Registered Address

Portview Trade Centre Banana Block
310 Newtownards Road
Belfast
BT4 1HE

Registered Number

NI696320 (Northern Ireland)
INNOVATE SOCIAL LTD
Balance Sheet as at
30 April 2024

Notes

2024

£

£

Fixed assets
Tangible assets3560
560
Current assets
Debtors45,558
Cash at bank and on hand4,070
9,628
Creditors amounts falling due within one year5(9,692)
Net current assets (liabilities)(64)
Total assets less current liabilities496
Net assets496
Capital and reserves
Called up share capital100
Profit and loss account396
Shareholders' funds496
The financial statements were approved and authorised for issue by the Director on 24 September 2024, and are signed on its behalf by:
Joshua Watts
Director
Registered Company No. NI696320
INNOVATE SOCIAL LTD
Notes to the Financial Statements
for the period ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment5
2.Average number of employees

2024
Average number of employees during the year1
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions624624
At 30 April 24624624
Depreciation and impairment
Charge for year6464
At 30 April 246464
Net book value
At 30 April 24560560
At 14 April 23--
4.Debtors: amounts due within one year

2024

£
Trade debtors / trade receivables4,730
Other debtors828
Total5,558
5.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables11
Taxation and social security3,851
Other creditors4,480
Accrued liabilities and deferred income1,350
Total9,692