Registration number: 10285007

Innovation World Limited

trading as Novum Insights

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Innovation World Limited

trading as Novum Insights

Company Information

Director

Toby Lewis

Registered office

Treetop Cottage Wierton Hill Boughton Monchelsea Maidstone Kent ME17 4JT

Accountants

Carbon Accountancy Limited Chartered Accountants80-83 Long Lane London EC1A 9ET

Innovation World Limited

trading as Novum Insights

(Registration number: 10285007)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	1,821	731
Current assets
Debtors	5	53,924	67,439
Cash at bank and in hand		7,512	2,912
		61,436	70,351
Creditors: Amounts falling due within one year	6	(94,979)	(75,075)
Net current liabilities		(33,543)	(4,724)
Net liabilities		(31,722)	(3,993)
Capital and reserves
Called up share capital	7	1,467	1,467
Share premium reserve		1,503,419	1,503,419
Retained earnings		(1,536,608)	(1,508,879)
Shareholders' deficit		(31,722)	(3,993)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2025
 

......................................... Toby Lewis Director

Innovation World Limited

trading as Novum Insights

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Treetop Cottage Wierton Hill
Boughton Monchelsea
Maidstone
Kent
ME17 4JT
United Kingdom

These financial statements were authorised for issue by the director on 30 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has a balance sheet deficit of £31,722 (2023: £3,993). The company has full financial assistance from it's director to enable to continue operating and meeting it's liabilities as they fall due.The directors believe it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Innovation World Limited

trading as Novum Insights

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Innovation World Limited

trading as Novum Insights

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
At 1 January 2024	6,050	6,050
Additions	1,624	1,624
At 31 December 2024	7,674	7,674
Depreciation
At 1 January 2024	5,319	5,319
Charge for the year	534	534
At 31 December 2024	5,853	5,853
Carrying amount
At 31 December 2024	1,821	1,821
At 31 December 2023	731	731

5

Debtors

Current	2024 £	2023 £
Trade debtors	5,400	-
Other debtors	48,524	67,439
	53,924	67,439

Innovation World Limited

trading as Novum Insights

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	16,579	38,580
Trade creditors		-	5,713
Taxation and social security		70,633	-
Accruals and deferred income		2,250	2,250
Other creditors		5,517	28,532
		94,979	75,075

Creditors: amounts falling due after more than one year

2024 £

2023 £

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £0.01 each	146,666	1,466.66	146,666	1,466.66

8	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	16,579	15,719
Bank overdrafts	-	22,861
	16,579	38,580

Innovation World Limited

trading as Novum Insights

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9	Related party transactions

Summary of transactions with other related parties

Toby Lewis
(Director)

At the balance sheet date amount due from (to) the director was £33,768 {2023 - (£22,309)}