1 July 2023 false No description of principal activity Taxfiler 2024.6 NI669917business:PrivateLimitedCompanyLtd2023-07-012024-06-30 NI6699172023-06-30 NI6699172023-07-012024-06-30 NI669917business:AuditExemptWithAccountantsReport2023-07-012024-06-30 NI669917business:FilletedAccounts2023-07-012024-06-30 NI6699172024-06-30 NI669917business:Director12023-07-012024-06-30 NI669917business:RegisteredOffice2023-07-012024-06-30 NI6699172023-06-30 NI669917core:WithinOneYear2024-06-30 NI669917core:WithinOneYear2023-06-30 NI669917core:AfterOneYear2024-06-30 NI669917core:AfterOneYear2023-06-30 NI669917core:ShareCapitalcore:PreviouslyStatedAmount2024-06-30 NI669917core:ShareCapitalcore:PreviouslyStatedAmount2023-06-30 NI669917core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-06-30 NI669917core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-06-30 NI669917core:PreviouslyStatedAmount2024-06-30 NI669917core:PreviouslyStatedAmount2023-06-30 NI669917business:SmallEntities2023-07-012024-06-30 NI669917countries:NorthernIreland2023-07-012024-06-30 NI669917core:FurnitureFittings2023-07-012024-06-30 NI669917core:FurnitureFittings2023-06-30 NI669917core:FurnitureFittings2024-06-30 NI669917core:AfterOneYear2023-07-012024-06-30 NI669917business:Director112023-07-012024-06-30 NI669917business:Director112023-06-30 NI669917business:Director112024-06-30 NI6699172022-07-012023-06-30 iso4217:GBP xbrli:pure
Company Registration No. NI669917 (Northern Ireland)
Innov8 Living Ltd Unaudited accounts for the year ended 30 June 2024
Innov8 Living Ltd Unaudited accounts Contents
Page
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Innov8 Living Ltd Company Information for the year ended 30 June 2024
Director
Mr Edward McCrea
Company Number
NI669917 (Northern Ireland)
Registered Office
50 Rocky Road Belfast BT5 7TA
Accountants
SJK 8 Bridge Road Moira Co. Armagh BT67 0PF
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Innov8 Living Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
27,001 
30,858 
Investment property
448,831 
624,738 
475,832 
655,596 
Current assets
Cash at bank and in hand
4,758 
22,601 
Creditors: amounts falling due within one year
(177,197)
(423,276)
Net current liabilities
(172,439)
(400,675)
Total assets less current liabilities
303,393 
254,921 
Creditors: amounts falling due after more than one year
(218,217)
(244,187)
Net assets
85,176 
10,734 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
85,076 
10,634 
Shareholders' funds
85,176 
10,734 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 March 2025 and were signed on its behalf by
Mr Edward McCrea Director Company Registration No. NI669917
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Innov8 Living Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Innov8 Living Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI669917. The registered office is 50 Rocky Road, Belfast, BT5 7TA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
12.5% Reducing balance basis
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
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Innov8 Living Ltd Notes to the Accounts for the year ended 30 June 2024
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 July 2023
38,019 
At 30 June 2024
38,019 
Depreciation
At 1 July 2023
7,161 
Charge for the year
3,857 
At 30 June 2024
11,018 
Net book value
At 30 June 2024
27,001 
At 30 June 2023
30,858 
5
Investment property
2024 
£ 
Fair value at 1 July 2023
624,738 
Additions
10,858 
Disposals
(186,765)
At 30 June 2024
448,831 
The director consider that the above value of investment property represents the market value at 30 June 2024.
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
172,489 
384,800 
Taxes and social security
- 
1,130 
Loans from directors
3,508 
36,196 
Accruals
1,200 
1,150 
177,197 
423,276 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
218,217 
244,187 
Securities for the bank facilities are as follows: - Bank of Ireland mortgage over 115 The Mount.
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Innov8 Living Ltd Notes to the Accounts for the year ended 30 June 2024
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr Edward McCrea
Directors Loan Account
36,196 
312 
33,000 
3,508 
36,196 
312 
33,000 
3,508 
The company owes £3,508 (2023: £36,196) to the directors at year end. These loans are repayable on demand and non-interest bearing.
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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