Company Registration No. 09144227 (England and Wales)
INNOVATION IN LIFE LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
INNOVATION IN LIFE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
INNOVATION IN LIFE LIMITED
Company Registration No. 09144227
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,739
4,633
Tangible assets
4
2,899
7,019
5,638
11,652
Current assets
Debtors
5
694,360
1,948,115
Cash at bank and in hand
420,605
63,794
1,114,965
2,011,909
Creditors: amounts falling due within one year
6
(815,734)
(935,539)
Net current assets
299,231
1,076,370
Total assets less current liabilities
304,869
1,088,022
Creditors: amounts falling due after more than one year
7
(258,706)
(344,957)
Net assets
46,163
743,065
Capital and reserves
Called up share capital
8
300
300
Profit and loss reserves
45,863
742,765
Total equity
46,163
743,065

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

INNOVATION IN LIFE LIMITED
Company Registration No. 09144227
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
N Grimond
Director
INNOVATION IN LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Innovation in Life Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for management consultancy services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
5 Years Straight Line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
3 Years Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

INNOVATION IN LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
12
3
Intangible fixed assets
Website
£
Cost
At 1 January 2023 and 31 December 2023
9,468
Amortisation and impairment
At 1 January 2023
4,835
Amortisation charged for the year
1,894
At 31 December 2023
6,729
Carrying amount
At 31 December 2023
2,739
At 31 December 2022
4,633
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
22,623
Depreciation and impairment
At 1 January 2023
15,604
Depreciation charged in the year
4,120
At 31 December 2023
19,724
Carrying amount
At 31 December 2023
2,899
At 31 December 2022
7,019
INNOVATION IN LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,685
125,468
Other debtors
657,675
1,822,647
694,360
1,948,115
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,454
8,982
Trade creditors
78,685
57,701
Taxation and social security
177,681
472,428
Other creditors
552,914
396,428
815,734
935,539

Included in other creditors are amounts due in respect of invoice discounting facility, these are secured by a fixed and floating charge over the company’s assets.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,094
25,780
Other creditors
237,612
319,177
258,706
344,957
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
INNOVATION IN LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Related party transactions

At the balance sheet date the company was owed £28 (2022 - £5,973 - owing to the director) by the director, N Grimmond. This loan is interest free and repayable on demand.

 

At the balance sheet date the company was owed £518 (£188) by the Innovation in Technology Limited, a connected company. This loan is interest free and repayable on demand.

 

Included in Consultancy fees is £97,500 invoiced from Innovation In Technology Ltd, a connected company owned by the director N Grimmond.

Included in Consultancy fees is £33,801 invoiced from Innovation In Busines Ltd, a connected company owned by the director N Grimmond.

 

 

2023-12-312023-01-01falsefalsefalse04 April 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityN GrimondA BygravesM Winters091442272023-01-012023-12-31091442272023-12-31091442272022-12-3109144227core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3109144227core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3109144227core:OtherPropertyPlantEquipment2023-12-3109144227core:OtherPropertyPlantEquipment2022-12-3109144227core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109144227core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109144227core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3109144227core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3109144227core:CurrentFinancialInstruments2023-12-3109144227core:CurrentFinancialInstruments2022-12-3109144227core:Non-currentFinancialInstruments2023-12-3109144227core:Non-currentFinancialInstruments2022-12-3109144227core:ShareCapital2023-12-3109144227core:ShareCapital2022-12-3109144227core:RetainedEarningsAccumulatedLosses2023-12-3109144227core:RetainedEarningsAccumulatedLosses2022-12-3109144227bus:Director12023-01-012023-12-3109144227core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109144227core:ComputerEquipment2023-01-012023-12-31091442272022-01-012022-12-3109144227core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3109144227core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109144227core:OtherPropertyPlantEquipment2022-12-3109144227core:OtherPropertyPlantEquipment2023-01-012023-12-3109144227core:WithinOneYear2023-12-3109144227core:WithinOneYear2022-12-3109144227bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109144227bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109144227bus:FRS1022023-01-012023-12-3109144227bus:AuditExemptWithAccountantsReport2023-01-012023-12-3109144227bus:Director22023-01-012023-12-3109144227bus:Director32023-01-012023-12-3109144227bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP