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Registered number: 07213143 VERY INNOVATIVE GROUP LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 SEPTEMBER 2024
VERY INNOVATIVE GROUP LIMITED REGISTERED NUMBER: 07213143 BALANCE SHEET AS AT 30 SEPTEMBER 2024
|  | 2024 |  | 2023
Notes |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Investments | 4 |  | 129,305 |  | 129,305
|  |  | 129,305 |  | 129,305
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 5 | - |  | 793 |
Cash at bank and in hand |  | 10,158 |  | 11,247 |
|  | 10,158 |  | 12,040 |
Creditors: amounts falling due within one year | 6 | (128,358) |  | (130,774) |
NET CURRENT LIABILITIES |  |  | (118,200) |  | (118,734)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 11,105 |  | 10,571
PROVISION FOR LIABILITIES |  |  |  |  |
Other provisions |  |  | - |  | (1,667)
NET ASSETS |  |  | 11,105 |  | 8,904
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 7 |  | 12,975 |  | 12,975
Profit and loss account |  |  | (1,870) |  | (4,071)
SHAREHOLDERS' FUNDS |  |  | 11,105 |  | 8,904
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VERY INNOVATIVE GROUP LIMITED REGISTERED NUMBER: 07213143 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024 The Directors consider that the Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements. The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
A J Hopton
Director
Date: 19 June 2025
The notes on pages 3 to 5 form part of these financial statements. Page 2
VERY INNOVATIVE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. | GENERAL INFORMATION
Very Innovative Group Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. Its registered office is Unit 5 Parkwood Business Park, 75 Parkwood Road, Sheffield, South Yorkshire S3 8AL. The Company's functional and presentational currency is Sterling. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | TAXATION
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.3 | INVESTMENTS
Investments in subsidiary undertakings are measured at cost less accumulated impairment charges.
| 2.4 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Page 3
VERY INNOVATIVE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.6 | CREDITORS
Short-term creditors are measured at the transaction price.
| 2.7 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.8 | FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from related parties and investments in ordinary shares.
3. | EMPLOYEES
The Company has no employees other than the Directors, who did not receive any remuneration for their qualifying services to the Company in the year (2023 - £Nil).
4. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary under- takings
|  | £
| COST AND NET BOOK VALUE |
| At 1 October 2023 | 129,305
| At 30 September 2024 | 129,305
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VERY INNOVATIVE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
5. | DEBTORS
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other debtors | - | 360
| Prepayments and accrued income | - | 433
|  | - | 793
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to subsidiary undertaking | 117,974 | 121,841
| Other taxation and social security | 3,384 | 2,733
| Accruals and deferred income | 7,000 | 6,200
|  | 128,358 | 130,774
7. | SHARE CAPITAL
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 12,975 (2023 - 12,975) Ordinary A1 shares of £1 each | 12,975 | 12,975
8. | CONTROLLING PARTY
The ultimate controlling party is A J Hopton, who holds a majority interest in the Company's share capital.
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