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REGISTERED NUMBER: 03346518 (England and Wales)










Innovation Care Limited

Financial Statements

for the Year Ended 31st December 2024






Innovation Care Limited (Registered number: 03346518)






Contents of the Financial Statements
for the Year Ended 31st December 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Innovation Care Limited (Registered number: 03346518)

Balance Sheet
31st December 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,750 20,200
Tangible assets 5 1,224,614 1,218,041
1,237,364 1,238,241

CURRENT ASSETS
Debtors 6 68,524 49,004
Investments 7 - 8,696
Cash at bank and in hand 143,728 379,169
212,252 436,869
CREDITORS
Amounts falling due within one year 8 319,195 539,759
NET CURRENT LIABILITIES (106,943 ) (102,890 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,130,421

1,135,351

CREDITORS
Amounts falling due after more than one
year

9

(535,392

)

(608,539

)

PROVISIONS FOR LIABILITIES (25,464 ) (24,291 )
NET ASSETS 569,565 502,521

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 569,465 502,421
SHAREHOLDERS' FUNDS 569,565 502,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Care Limited (Registered number: 03346518)

Balance Sheet - continued
31st December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 10th March 2025 and were signed by:





J P Kidd - Director


Innovation Care Limited (Registered number: 03346518)

Notes to the Financial Statements
for the Year Ended 31st December 2024

1. STATUTORY INFORMATION

Innovation Care Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03346518

Registered office: Highlea
Baunton Lane
Cirencester
Gloucestershire
GL7 2LL

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 the total invoice value of care services provided during the year.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - 10% on cost
Fixtures, fittings and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is not provided on freehold land. Depreciation is not provided on freehold buildings as they were purchased by the company at fair value on 9th August 2022 and any depreciation is likely to be immaterial.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 Care Limited (Registered number: 03346518)

Notes to the Financial Statements - continued
for the Year Ended 31st December 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.

Current asset investments
Investments in shares are included at fair value.

Government grants
Government grants are recognised when the company has complied with any conditions attached to them and there is reasonable assurance that the amounts will be received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 34 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2024
and 31st December 2024 149,000
AMORTISATION
At 1st January 2024 128,800
Charge for year 7,450
At 31st December 2024 136,250
NET BOOK VALUE
At 31st December 2024 12,750
At 31st December 2023 20,200

5. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Freehold Property and Motor
property improvements equipment vehicles Totals
£    £    £    £    £   
COST
At 1st January 2024 1,076,528 129,644 257,593 160,130 1,623,895
Additions - - 38,088 - 38,088
At 31st December 2024 1,076,528 129,644 295,681 160,130 1,661,983
DEPRECIATION
At 1st January 2024 - 126,124 199,332 80,398 405,854
Charge for year - 373 11,209 19,933 31,515
At 31st December 2024 - 126,497 210,541 100,331 437,369
NET BOOK VALUE
At 31st December 2024 1,076,528 3,147 85,140 59,799 1,224,614
At 31st December 2023 1,076,528 3,520 58,261 79,732 1,218,041

Innovation Care Limited (Registered number: 03346518)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 6,889 12,451
Other debtors 61,635 36,553
68,524 49,004

7. CURRENT ASSET INVESTMENTS
2024 2023
as restated
£    £   
Listed investments - 8,696

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 55,780 51,628
Hire purchase contracts 16,957 15,285
Trade creditors 61,911 43,653
Other creditors 184,547 429,193
319,195 539,759

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Bank loans 509,229 565,419
Hire purchase contracts 26,163 43,120
535,392 608,539

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 236,283 312,928

Innovation Care Limited (Registered number: 03346518)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 565,009 617,047
Hire purchase contracts 43,120 58,405
608,129 675,452

National Westminster Bank plc holds fixed and floating charges over the assets of the company in respect of a loan provided to the company. Hire purchase contracts are secured on the assets concerned.

11. OTHER FINANCIAL COMMITMENTS

The leased equipment commitment is £455.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2024 and 31st December 2023:

2024 2023
as restated
£    £   
J P Kidd
Balance outstanding at start of year - -
Amounts advanced 3,235 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,235 -

Loan interest of £165 is included within the figure for loans advanced and is calculated using HM Revenue & Customs official rates.

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £3,512 were due to the fund. They are included in other creditors.