Innovation Source Limited Filleted Accounts Cover
Innovation Source Limited
Company No. 10022903
Information for Filing with The Registrar
31 March 2024
Innovation Source Limited Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 March 2024.
Principal activities
The principal activity of the company during the year under review was research and development.
Director
The Director who served at any time during the year was as follows:
Min Chen
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Min Chen
Director
14 March 2025
Innovation Source Limited Balance Sheet Registrar
at
31 March 2024
Company No.
10022903
Notes
2024
2023
£
£
Fixed assets
Intangible assets
4
15,07715,077
Tangible assets
5
--
15,07715,077
Current assets
Cash at bank and in hand
971,058
971,058
Creditors: Amount falling due within one year
6
(29,104)
(20,872)
Net current liabilities
(29,007)
(19,814)
Total assets less current liabilities
(13,930)
(4,737)
Net liabilities
(13,930)
(4,737)
Capital and reserves
Called up share capital
22
Profit and loss account
8
(13,932)
(4,739)
Total equity
(13,930)
(4,737)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 14 March 2025 and signed on its behalf by:
Min Chen
Director
14 March 2025
Innovation Source Limited Notes to the Accounts Registrar
for the year ended 31 March 2024
1
General information
Innovation Source Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 10022903
Its registered office is:
C17 Kestrel Business Centre
Colwick Industrial Estate
Nottingham
NG4 2JR
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
The financial statements have been prepared on the going concern basis. The principal creditor of the company is the director. The director has confirmed that he does not intend to withdraw his support for the foreseeable future.
2
Accounting policies
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
25% Straight line
Research and development costs
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Intangible fixed assets
Develop-ment costs
Total
£
£
Cost
At 1 April 2023
15,07715,077
At 31 March 2024
15,07715,077
Amortisation and impairment
Net book values
At 31 March 2024
15,07715,077
At 31 March 2023
15,07715,077
5
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 April 2023
800800
At 31 March 2024
800800
Depreciation
At 1 April 2023
800800
At 31 March 2024
800800
Net book values
At 31 March 2024
--
At 31 March 2023
-
-
6
Creditors:
amounts falling due within one year
2024
2023
£
£
Taxes and social security
-
270
Loans from directors
20,33111,216
Other creditors
7,0007,000
Accruals and deferred income
1,7732,386
29,10420,872
7
Share Capital
Share capital consists of 2 Ordinary £1 shares all fully paid
8
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
9
Related party transactions
During the year, the following loan to the director subsisted
The details are as follows:
2024
2023
M Chen
Balance at 1 April 2023
(11,216)
(18,354)
Amounts advances
-
12,100
Amounts repaid
(9,115)
(4,962)
Balance at 31 March 2024
(20,331)
(11,216)
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