Registered number
07119163
Innovorisk Ltd
Report and Unaudited Accounts
31 March 2024
Innovorisk Ltd
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Innovorisk Ltd for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Innovorisk Ltd for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Adam Accounting Services Ltd
Chartered Accountants
8 Lanercost Crescent
Milton Keynes
Buckinghamshire
MK10 9EB
25 March 2025
Innovorisk Ltd
Registered number: 07119163
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 4 212,779 238,389
Current assets
Debtors 5 - 1,262
Cash at bank and in hand 79,797 81,179
79,797 82,441
Creditors: amounts falling due within one year 6 (1,799) (983)
Net current assets 77,998 81,458
Net assets 290,777 319,847
Capital and reserves
Called up share capital 10 10
Profit and loss account 290,767 319,837
Shareholders' funds 290,777 319,847
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.
B Anwar
Director
Approved by the board on 25 March 2025
Innovorisk Ltd
Notes to the Accounts
for the year ended 31 March 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 rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 2 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 4,287
At 31 March 2024 4,287
Depreciation
At 1 April 2023 4,287
At 31 March 2024 4,287
Net book value
At 31 March 2024 -
4 Investments
Other
investments
£
Cost
At 1 April 2023 238,389
Disposals (25,610)
At 31 March 2024 212,779
Investments are entirely made up of unlisted investments.
5 Debtors 2024 2023
£ £
Other debtors - 1,262
6 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 1,799 983
7 Related party transactions
In 2024 a final Dividends declared of £997.50 to Mr H Saghir (2023: £1,995.00). B Anwar in 2024 final Dividends of £427.50 were declared to B Anwar (2023: £855.00).
8 Other information
Innovorisk Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Lanercost Crescent
Milton Keynes
MK10 9EB
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