Registered number
06735542
Innovative Physics Limited
Filleted Accounts
31 December 2024
Innovative Physics Limited
Registered number: 06735542
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 113,123 146,123
Tangible assets 4 36,434 48,482
149,557 194,605
Current assets
Stocks 180,608 145,608
Debtors 5 2,009,978 1,916,507
Cash at bank and in hand 17,615 30,208
2,208,201 2,092,323
Creditors: amounts falling due within one year 6 (469,459) (503,601)
Net current assets 1,738,742 1,588,722
Total assets less current liabilities 1,888,299 1,783,327
Creditors: amounts falling due after more than one year 7 (3,835,164) (3,309,656)
Net liabilities (1,946,865) (1,526,329)
Capital and reserves
Called up share capital 309 309
Share premium 5,576,713 5,576,713
Profit and loss account (7,523,887) (7,103,351)
Shareholders' funds (1,946,865) (1,526,329)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Anderson
Director
Approved by the board on 20 February 2025
Innovative Physics Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 496,735
At 31 December 2024 496,735
Amortisation
At 1 January 2024 350,612
Provided during the year 33,000
At 31 December 2024 383,612
Net book value
At 31 December 2024 113,123
At 31 December 2023 146,123
Patents and IP are being written off in equal annual instalments over their
estimated economic lives of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 100,441 12,865 113,306
At 31 December 2024 100,441 12,865 113,306
Depreciation
At 1 January 2024 56,950 7,874 64,824
Charge for the year 10,800 1,248 12,048
At 31 December 2024 67,750 9,122 76,872
Net book value
At 31 December 2024 32,691 3,743 36,434
At 31 December 2023 43,491 4,991 48,482
5 Debtors 2024 2023
£ £
Trade debtors 271,657 555,885
Accrued sales 1,728,000 1,346,000
VAT 10,321 14,622
2,009,978 1,916,507
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 173,173 165,610
Taxation and social security costs 181,707 248,547
Other creditors 114,579 89,444
469,459 503,601
7 Creditors: amounts falling due after one year 2024 2023
£ £
Unsecured loan stock 3,770,000 3,285,000
Other creditors 65,164 24,656
8 Other information
Innovative Physics Limited is a private company limited by shares and incorporated in England. Its registered office is:
Stonebridge House
Chelmsford Road
Hatfield Heath
Essex
CM22 7BD
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