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REGISTERED NUMBER: 08034689 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

INNOVATION CENTRE FOR ENTERPRISE IN
WALES LIMITED
(A SOCIAL ENTERPRISE COMPANY)

INNOVATION CENTRE FOR ENTERPRISE IN
WALES LIMITED (REGISTERED NUMBER: 08034689)
(A SOCIAL ENTERPRISE COMPANY)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INNOVATION CENTRE FOR ENTERPRISE IN
WALES LIMITED
(A SOCIAL ENTERPRISE COMPANY)

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: S Burt
A M Browne
L Williams





REGISTERED OFFICE: Ty Merlin
Caerphilly Business Park
Van Road
Caerphilly
CF83 3GS





REGISTERED NUMBER: 08034689 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Charlton House
Dour Street
DOVER
Kent
CT16 1BL

INNOVATION CENTRE FOR ENTERPRISE IN
WALES LIMITED (REGISTERED NUMBER: 08034689)
(A SOCIAL ENTERPRISE COMPANY)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 229,843 232,400
Tangible assets 5 2,301 5,849
232,144 238,249

CURRENT ASSETS
Debtors 6 216,664 156,032
Cash at bank and in hand 6,421 18,952
223,085 174,984
CREDITORS
Amounts falling due within one year 7 390,392 363,059
NET CURRENT LIABILITIES (167,307 ) (188,075 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

64,837

50,174

CREDITORS
Amounts falling due after more than one
year

8

35,769

49,568
NET ASSETS 29,068 606

CAPITAL AND RESERVES
Called up share capital 9 1,000,000 1,000,000
Retained earnings (970,932 ) (999,394 )
SHAREHOLDERS' FUNDS 29,068 606

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 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.

INNOVATION CENTRE FOR ENTERPRISE IN
WALES LIMITED (REGISTERED NUMBER: 08034689)
(A SOCIAL ENTERPRISE COMPANY)

BALANCE SHEET - continued
30 APRIL 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 24 January 2025 and were signed on its behalf by:





S Burt - Director


INNOVATION CENTRE FOR ENTERPRISE IN
WALES LIMITED (REGISTERED NUMBER: 08034689)
(A SOCIAL ENTERPRISE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Innovation Centre For Enterprise in Wales 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced sales of office space and associated services, excluding value added tax and adjusted for income received in advance.

Trademarks
Trademarks are being amortised evenly over their estimated useful life of three years.

Website costs
Website costs will be amortised evenly over their estimated useful life, starting once the development of the website has been completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Fittings - 10 - 33% on cost
Office Furniture - 10 - 33% on cost
Computer Equipment - 20% 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.

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.

INNOVATION CENTRE FOR ENTERPRISE IN
WALES LIMITED (REGISTERED NUMBER: 08034689)
(A SOCIAL ENTERPRISE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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.

Grants
Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate. Grants for the purpose of giving immediate financial support with no related future costs are recognised as income when receivable.

Fixed asset investments
Fixed asset investments are recognised at cost less any provision for impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Website
Trademarks costs Totals
£    £    £   
COST
At 1 May 2023 850 232,400 233,250
Disposals - (2,557 ) (2,557 )
At 30 April 2024 850 229,843 230,693
AMORTISATION
At 1 May 2023
and 30 April 2024 850 - 850
NET BOOK VALUE
At 30 April 2024 - 229,843 229,843
At 30 April 2023 - 232,400 232,400

5. TANGIBLE FIXED ASSETS
Office Office Computer
Fittings Furniture Equipment Totals
£    £    £    £   
COST
At 1 May 2023
and 30 April 2024 6,291 18,204 13,774 38,269
DEPRECIATION
At 1 May 2023 4,268 17,576 10,576 32,420
Charge for year 359 628 2,561 3,548
At 30 April 2024 4,627 18,204 13,137 35,968
NET BOOK VALUE
At 30 April 2024 1,664 - 637 2,301
At 30 April 2023 2,023 628 3,198 5,849

INNOVATION CENTRE FOR ENTERPRISE IN
WALES LIMITED (REGISTERED NUMBER: 08034689)
(A SOCIAL ENTERPRISE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 200,563 112,207
Prepayments and other debtors 16,101 43,825
216,664 156,032

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 43,547 34,186
Trade creditors 119,674 98,301
Amounts owed to group undertakings 141,741 155,501
Social security and other taxes 25,813 40,732
Other creditors and accruals 17,001 18,888
Deferred income 42,616 15,451
390,392 363,059

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 20,000 20,740
Bank loans - 2-5 years 15,769 28,828
35,769 49,568

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000,000 Ordinary £1 1,000,000 1,000,000

10. RELATED PARTY DISCLOSURES

Anthony & Carole Limited is this company's ultimate parent company, by virtue of its 75% holding in WCR Limited. At 30 April 2024 the company owed Anthony & Carole Limited £6,000 (2023-£6,000).

During the year £5,000 (2023-£19,030) was repaid to WCR Limited, a company controlled by A Record. At 30 April 2024 £60,741 (2023-£65,741) was outstanding on this loan. Interest of £1,000 (2023-£1,500) was charged on this loan in the year.

During the year £6,000 (2023-£56,000 loaned by) was repaid to ICE Community Holdings Limited, its parent company. At 30 April 2024 £50,000 (2023-£56,000) was outstanding on this loan.

11. ULTIMATE CONTROLLING PARTY

A Record MBE is the ultimate controlling party by virtue of his shareholding in Anthony & Carole Limited.

INNOVATION CENTRE FOR ENTERPRISE IN
WALES LIMITED (REGISTERED NUMBER: 08034689)
(A SOCIAL ENTERPRISE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. GOING CONCERN

The financial statements have been prepared on a going concern basis. This basis is considered to be appropriate as the company continues to receive the support of its creditors and ultimate parent company.