Corporate Innovations Group Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 11653174 (England and Wales)
Corporate Innovations Group Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 5
Corporate Innovations Group Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
8,000
8,690
Current assets
Debtors
4
202
890
Cash at bank and in hand
99
1
301
891
Creditors: amounts falling due within one year
5
(3,037)
(1,467)
Net current liabilities
(2,736)
(576)
Net assets
5,264
8,114
Capital and reserves
Called up share capital
6
50
50
Profit and loss reserves
5,214
8,064
Total equity
5,264
8,114
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
D J Watt
Director
Company Registration No. 11653174
Corporate Innovations Group Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information
Corporate Innovations Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orchard House Hopcraft Lane, Deddington, Banbury, Oxfordshire, England, OX15 0TD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1,000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Corporate Innovations Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
1
There are no employees other than the directors, who are remunerated through group companies.
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
8,000
8,000
Other fixed asset investments
690
8,000
8,690
Corporate Innovations Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
3
Fixed asset investments
(Continued)
Page 4
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
8,000
690
8,690
Disposals
-
(690)
(690)
At 31 March 2024
8,000
-
8,000
Carrying amount
At 31 March 2024
8,000
-
8,000
At 31 March 2023
8,000
690
8,690
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
202
202
Other debtors
-
688
202
890
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
3,037
1,467
Amounts owed to group undertakings are interest free and repayable on demand.
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
50,000 Ordinary shares of £1 each
50
50
50
50
1 D Ordinary share of £1 each
-
-
-
-
All share classes rank pari passu. All shares have attached to them full rights in the company with respect to voting, dividends and distributions.
The D Ordinary share capital is issued but not fully paid.
Corporate Innovations Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
7
Related party transactions
During the year, an amount of £52,000 (2023: £161,000) was advanced to a director of the Company and £750,000 (2023: £95,000) was repaid to the Company by the director. At the year end, the Company was owed £nil (2023: £688,000) by the director.
During the year, the Company disposed of 690,000 £1 Preference shares in Gunroom Property Limited, a company under common control, to a director, at par,
8
Parent company
At the balance sheet date was Corporate Innovations Group Trustees Limited by virtue of its majority shareholding.