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INNOVATE APP SOLUTIONS LTD

Registered Number
SC696716
(Scotland)

Unaudited Financial Statements for the Year ended
30 April 2024

INNOVATE APP SOLUTIONS LTD
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

Natalia Streeter

Registered Address

52 Hallfield Crescent
Aberdeen
AB16 6SD

Registered Number

SC696716 (Scotland)
INNOVATE APP SOLUTIONS LTD
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

ASSETS
Fixed assets
Tangible assets33,0803,095
3,0803,095
Current assets
Debtors418,0656,939
Cash at bank and in hand8161,118
18,8818,057
18,8818,057
21,96111,152
CAPITAL, RESERVES AND LIABILITIES
Capital and reserves
Called up share capital1-
Profit and loss account(3,292)(1,601)
(3,291)(1,601)
Liabilities
Creditors amounts falling due within one year525,25212,753
21,96111,152
The financial statements were approved and authorised for issue by the Director on 27 January 2025, and are signed on its behalf by:
Natalia Streeter
Director
Registered Company No. SC696716
INNOVATE APP SOLUTIONS LTD
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. 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.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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 Equipment4
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand. Bank overdrafts are disclosed separately.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year21
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 May 234,0274,027
Additions1,4601,460
At 30 April 245,4875,487
Depreciation and impairment
At 01 May 23932932
Charge for year1,4751,475
At 30 April 242,4072,407
Net book value
At 30 April 243,0803,080
At 30 April 233,0953,095
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables9293,939
Other debtors11,0063,000
Prepayments and accrued income6,130-
Total18,0656,939
Debtors due within one year represent amounts receivable in the ordinary course of business that are expected to be settled within 12 months of the reporting date. These are stated at their transaction price, net of any provisions for impairment where recovery is deemed uncertain. Trade debtors include fees invoiced to clients for services rendered but not yet settled. Accrued income represents amounts earned but not yet invoiced for accountancy services provided up to the reporting date.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,530-
Bank borrowings and overdrafts3,726794
Amounts owed to related parties15,8797,844
Taxation and social security4,1172,074
Other creditors-2,041
Total25,25212,753
Trade creditors represent amounts owed to suppliers and service providers for goods and services received prior to the reporting date. These amounts are recognized at their transaction price and are expected to be settled within 12 months.