REGISTERED NUMBER: 12923368 (England and Wales)

Unaudited Financial Statements

for the Year Ended 29 October 2024

for

INNOVATION MARKETS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T Kortan

B J Doran

REGISTERED OFFICE:

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

REGISTERED NUMBER:

12923368 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Intangible assets

5

12,217

17,609

Tangible assets

6

162,644

38,656

Investments

7

337,962

433,251

512,823

489,516

CURRENT ASSETS

Debtors

8

2,117,498

1,659,922

Cash at bank and in hand

274,498

359,125

2,391,996

2,019,047

CREDITORS

Amounts falling due within one year

9

620,996

537,038

NET CURRENT ASSETS

1,771,000

1,482,009

TOTAL ASSETS LESS CURRENT LIABILITIES

2,283,823

1,971,525

PROVISIONS FOR LIABILITIES

40,661

9,664

NET ASSETS

2,243,162

1,961,861

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,243,062

1,961,761

SHAREHOLDERS' FUNDS

2,243,162

1,961,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 October 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 28 August 2025 and were signed on its behalf by:

B J Doran - Director

1.	STATUTORY INFORMATION

Innovation Markets Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

The percentage of completion method is used to calculate the turnover recognised at the period end.

Turnover from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and

- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

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 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.

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.

Employee benefits

The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Financial instruments

Basic financial assets/liabilities including trade and other receivables/payables, cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of time) where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at amortised cost using the effective interest method.

Investments

Investments are recognised at cost less impairment.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 30 October 2023

36,961

Additions

2,500

At 29 October 2024

39,461

AMORTISATION

At 30 October 2023

19,352

Charge for year

7,892

At 29 October 2024

27,244

NET BOOK VALUE

At 29 October 2024

12,217

At 29 October 2023

17,609

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 30 October 2023

62,416

-

62,416

Additions

3,288

174,915

178,203

At 29 October 2024

65,704

174,915

240,619

DEPRECIATION

At 30 October 2023

23,760

-

23,760

Charge for year

10,486

43,729

54,215

At 29 October 2024

34,246

43,729

77,975

NET BOOK VALUE

At 29 October 2024

31,458

131,186

162,644

At 29 October 2023

38,656

-

38,656

7.	FIXED ASSET INVESTMENTS

Other

investment

£

COST

At 30 October 2023

433,251

Additions

81,119

Disposals

(176,408

)

At 29 October 2024

337,962

NET BOOK VALUE

At 29 October 2024

337,962

At 29 October 2023

433,251

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

2,117,498

1,659,922

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

855

5,912

Taxation and social security

341,173

226,404

Other creditors

278,968

304,722

620,996

537,038

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 October 2024 and 29 October 2023:

2024

2023

£

£

T Kortan

Balance outstanding at start of year

26,578

3,933

Amounts advanced

805

68,485

Amounts repaid

(38

)

(45,840

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,345

26,578

B J Doran

Balance outstanding at start of year

18,433

(11,389

)

Amounts advanced

25,192

75,662

Amounts repaid

673

(45,840

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

44,298

18,433

The loan from the company to the director Mr B Doran is unsecured and repayable on demand, interest was charged on the loan at the official rate of interest per HMRC.

The loan from the company to the director Mr T Kortan is unsecured and repayable on demand, interest was charged on the loan at the official rate of interest per HMRC.

11.	RELATED PARTY DISCLOSURES

Included in other debtors is a loan of £300,000 (2023: £150,000) to a company in which the director, Mr T Kortan, is a director and the ultimate controlling party. The loan is unsecured, interest free and repayable on demand.

Included in other debtors is a loan of £1,684,000 (2023: £1,430,000) to a company in which the director, Mr B J Doran, is a director and has joint control. The loan is unsecured, interest free and repayable on demand.