Company Registration No. NI669917 (Northern Ireland)
Innov8 Living Ltd
Unaudited accounts
for the year ended 30 June 2024
Innov8 Living Ltd
Unaudited accounts
Contents
Innov8 Living Ltd
Company Information
for the year ended 30 June 2024
Company Number
NI669917 (Northern Ireland)
Registered Office
50 Rocky Road
Belfast
BT5 7TA
Accountants
SJK
8 Bridge Road
Moira
Co. Armagh
BT67 0PF
Innov8 Living Ltd
Statement of financial position
as at 30 June 2024
Tangible assets
27,001
30,858
Investment property
448,831
624,738
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)
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
Innov8 Living Ltd
Notes to the Accounts
for the year ended 30 June 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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 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.
Innov8 Living Ltd
Notes to the Accounts
for the year ended 30 June 2024
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 July 2023
624,738
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
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.
Innov8 Living Ltd
Notes to the Accounts
for the year ended 30 June 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan Account
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).