REGISTERED NUMBER: 07758732 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INNOVATE HEALTHCARE MANAGEMENT GROUP

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

M Atwal

Ms J Salvidge

REGISTERED OFFICE:

Dale House

Tiviot Dale

Stockport

SK1 1TA

REGISTERED NUMBER:

07758732 (England and Wales)

ACCOUNTANTS:

Mark Ainley Limited

Chartered Accountants

5 Brownlow Close

Poynton

Stockport

Cheshire

SK12

1YH

FIXED ASSETS

Intangible assets

4

166,461

197,297

Tangible assets

5

147,842

119,675

314,303

316,972

CURRENT ASSETS

Stocks

265,388

537,091

Debtors

6

1,159,978

1,178,729

Cash at bank

236,379

5,901

1,661,745

1,721,721

CREDITORS

Amounts falling due within one year

7

1,615,856

1,770,151

NET CURRENT ASSETS/(LIABILITIES)

45,889

(48,430

)

TOTAL ASSETS LESS CURRENT LIABILITIES

360,192

268,542

CREDITORS

Amounts falling due after more than one year

8

121,741

250,483

NET ASSETS

238,451

18,059

CAPITAL AND RESERVES

Called up share capital

1,500

1,500

Retained earnings

236,951

16,559

238,451

18,059

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

Ms J Salvidge - Director

1.	STATUTORY INFORMATION

Innovate Healthcare Management Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 72 (2023 - 72 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2024

65,000

336,657

401,657

Additions

-

10,271

10,271

At 31 December 2024

65,000

346,928

411,928

AMORTISATION

At 1 January 2024

17,875

186,485

204,360

Charge for year

6,500

34,607

41,107

At 31 December 2024

24,375

221,092

245,467

NET BOOK VALUE

At 31 December 2024

40,625

125,836

166,461

At 31 December 2023

47,125

150,172

197,297

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

179,904

Additions

75,580

Disposals

(3,485

)

At 31 December 2024

251,999

DEPRECIATION

At 1 January 2024

60,229

Charge for year

46,009

Eliminated on disposal

(2,081

)

At 31 December 2024

104,157

NET BOOK VALUE

At 31 December 2024

147,842

At 31 December 2023

119,675

6.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Trade debtors

767,256

913,413

Other debtors

283,052

155,646

1,050,308

1,069,059

Amounts falling due after more than one year:

Trade debtors

109,670

109,670

Aggregate amounts

1,159,978

1,178,729

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 9)

128,564

138,844

Hire purchase contracts (see note 10)

32,627

16,167

Trade creditors

397,412

503,140

Taxation and social security

299,114

176,374

Other creditors

758,139

935,626

1,615,856

1,770,151

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 9)

101,411

230,000

Hire purchase contracts (see note 10)

20,330

20,483

121,741

250,483

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank loans

128,564

138,844

Amounts falling due between two and five years:

Bank loans - 2-5 years

101,411

230,000

The company has taken out a Coronavirus Business Interruption Loan. The loan is for six years with a twelve month repayment holiday.

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

32,627

16,167

Between one and five years

20,330

20,483

52,957

36,650

Non-cancellable operating

leases

31.12.24

31.12.23

£

£

Within one year

23,900

23,900

Between one and five years

57,758

81,658

81,658

105,558

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

229,975

368,844

The invoice finance facility is secured by an all assets debenture dated 30 October 2014.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

Ms J Salvidge

Balance outstanding at start of year

246

-

Amounts advanced

632

246

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

878

246

13.	RELATED PARTY DISCLOSURES

Mr M Atwal is the controlling party of the company given his majority shareholding.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2024 set out on pages one to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Mark Ainley Limited

Chartered Accountants

5 Brownlow Close

Poynton

Stockport

Cheshire

SK12

1YH

22 September 2025