Registered number
12891120
Innovate Interiors Ltd
Filleted Accounts
30 September 2024
Innovate Interiors Ltd
Registered number: 12891120
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 155,819 144,352
Current assets
Stocks 4,353 4,353
Debtors 4 1,399,420 377,271
Cash at bank and in hand 49,560 1,122,210
1,453,333 1,503,834
Creditors: amounts falling due within one year 5 (590,904) (578,916)
Net current assets 862,429 924,918
Total assets less current liabilities 1,018,248 1,069,270
Creditors: amounts falling due after more than one year 6 (63,326) (61,593)
Net assets 954,922 1,007,677
Capital and reserves
Called up share capital 83 100
Share premium 17 -
Profit and loss account 954,822 1,007,577
Shareholders' funds 954,922 1,007,677
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.
S Jones
Director
Approved by the board on 11 March 2025
Innovate Interiors Ltd
Notes to the Accounts
for the year ended 30 September 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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:
Building improvements 15% straight line
Plant and machinery 25% straight line
Motor vehicles 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 - 6,572 207,094 213,666
Additions 7,164 6,418 49,828 63,410
Disposals - (892) (6,700) (7,592)
At 30 September 2024 7,164 12,098 250,222 269,484
Depreciation
At 1 October 2023 - 2,491 66,823 69,314
Charge for the year 1,074 3,025 43,378 47,477
On disposals - (446) (2,680) (3,126)
At 30 September 2024 1,074 5,070 107,521 113,665
Net book value
At 30 September 2024 6,090 7,028 142,701 155,819
At 30 September 2023 - 4,081 140,271 144,352
4 Debtors 2024 2023
£ £
Trade debtors 665,823 366,517
Other debtors 733,597 10,754
1,399,420 377,271
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 33,264 26,264
Trade creditors 254,350 203,556
Taxation and social security costs 303,290 328,396
Other creditors - 20,700
590,904 578,916
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 63,326 61,593
7 Controlling party
The company is controlled by Mr S Jones and Mr M Mcardle.
8 Other information
Innovate Interiors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
50 Hoyland Road
Hoyland Common
Barnsley
S74 0PB
Innovate Interiors Ltd 12891120 false 2023-10-01 2024-09-30 2024-09-30 VT Final Accounts July 2024 S Jones No description of principal activity 12891120 2022-10-01 2023-09-30 12891120 core:WithinOneYear 2023-09-30 12891120 core:AfterOneYear 2023-09-30 12891120 core:ShareCapital 2023-09-30 12891120 core:SharePremium 2023-09-30 12891120 core:RetainedEarningsAccumulatedLosses 2023-09-30 12891120 2023-10-01 2024-09-30 12891120 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12891120 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 12891120 bus:Director40 2023-10-01 2024-09-30 12891120 1 2023-10-01 2024-09-30 12891120 2 2023-10-01 2024-09-30 12891120 core:LandBuildings 2023-10-01 2024-09-30 12891120 core:PlantMachinery 2023-10-01 2024-09-30 12891120 core:Vehicles 2023-10-01 2024-09-30 12891120 countries:England 2023-10-01 2024-09-30 12891120 bus:FRS102 2023-10-01 2024-09-30 12891120 bus:FilletedAccounts 2023-10-01 2024-09-30 12891120 2024-09-30 12891120 core:WithinOneYear 2024-09-30 12891120 core:AfterOneYear 2024-09-30 12891120 core:ShareCapital 2024-09-30 12891120 core:SharePremium 2024-09-30 12891120 core:RetainedEarningsAccumulatedLosses 2024-09-30 12891120 core:LandBuildings 2024-09-30 12891120 core:PlantMachinery 2024-09-30 12891120 core:Vehicles 2024-09-30 12891120 2023-09-30 12891120 core:LandBuildings 2023-09-30 12891120 core:PlantMachinery 2023-09-30 12891120 core:Vehicles 2023-09-30 iso4217:GBP xbrli:pure