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COMPANY REGISTRATION NUMBER: 02400732
Inventive Software Solutions Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Inventive Software Solutions Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
788,582
542,672
Current assets
Stocks
834
834
Debtors
5
4,304
Cash at bank and in hand
25,894
85,115
--------
--------
31,032
85,949
Creditors: amounts falling due within one year
6
474,364
424,579
---------
---------
Net current liabilities
443,332
338,630
---------
---------
Total assets less current liabilities
345,250
204,042
---------
---------
Net assets
345,250
204,042
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
345,150
203,942
---------
---------
Shareholders funds
345,250
204,042
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Inventive Software Solutions Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 7 March 2025 , and are signed on behalf of the board by:
P G Jones
Director
Company registration number: 02400732
Inventive Software Solutions Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47B High Street, Ongar, Essex, CM5 9DT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discount and value added tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Building
-
2% On cost
Plant & Machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 July 2023
638,734
55,422
694,156
Revaluations
261,266
261,266
---------
--------
---------
At 30 June 2024
900,000
55,422
955,422
---------
--------
---------
Depreciation
At 1 July 2023
96,840
54,644
151,484
Charge for the year
15,161
195
15,356
---------
--------
---------
At 30 June 2024
112,001
54,839
166,840
---------
--------
---------
Carrying amount
At 30 June 2024
787,999
583
788,582
---------
--------
---------
At 30 June 2023
541,894
778
542,672
---------
--------
---------
5. Debtors
2024
2023
£
£
Other debtors
4,304
-------
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
695
Other creditors
474,364
423,884
---------
---------
474,364
424,579
---------
---------
7. Directors' advances, credits and guarantees
There are no directors advances, credits and guarantees to be disclosed.