ACCOUNTS - Final Accounts preparation

Company registration number: 08235460

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2025

	INNOVATE AT PRP LIMITED


INNOVATE AT PRP LIMITED REGISTERED NUMBER:08235460

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		71,540		84,954
			71,540		84,954
Current assets
Debtors: amounts falling due within one year	5	201,070		84,356
Bank and cash balances		377,462		480,524
		578,532		564,880
Creditors: amounts falling due within one year	6	(29,446)		(65,880)
Net current assets			549,086		499,000
Total assets less current liabilities			620,626		583,954
Provisions for liabilities
Deferred tax		(17,828)		(13,341)
			(17,828)		(13,341)
Net assets			602,798		570,613

Capital and reserves
Called up share capital	50	50
Profit and loss account	602,748	570,563
	602,798	570,613

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 statement of income and retained earnings 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 and were signed on its behalf by:

N T Griffiths

Director

Date: 24 November 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1


INNOVATE AT PRP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Innovate at PRP Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page. The principal trading address is the same as the registered office.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.3

Revenue

Revenue is recognised at the fair value of the consideration recevied or receivable in respect of services supplied, exclusive of Value Added Tax and trade discounts.
Due to the length of the majority of the contracts, turnover is recognised on a Long Term Contract basis. Revenue therefore represents the value of work performed in the year, by reference to the estimated stage of completion of contracts, except where the profit on a contract cannot be foreseen with reasonable certainty. In this case sufficient turnover is recognised to match costs incurred to revenues received.
Full provision is made for all known or expected losses on individual contracts, immediately as such losses are foreseen.
Work performed in excess of amounts invoiced is included within amounts recoverable on long term contracts within debtors. Payments on account, included in creditors, represents the excess of payments on account not offset against long term contract balances within work in progress.

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INNOVATE AT PRP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Research and development

Research and development expenditure is written off in the period in which it is incurred.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting 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 reporting 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 reporting date.

Page 3


INNOVATE AT PRP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles

5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Employees

The average monthly number of employees, including directors, during the year was 2 (2024 - 2).

4.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	At 1 April 2024	105,206
	At 31 March 2025	105,206
	Depreciation
	At 1 April 2024	20,252
	Charge for the year on owned assets	13,414
	At 31 March 2025	33,666
	Net book value
	At 31 March 2025	71,540
	At 31 March 2024	84,954

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INNOVATE AT PRP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Debtors

					2025	2024
					£	£


Trade debtors	178,375	30,660
Other debtors	-	58
Amounts recoverable on long-term contracts	22,695	53,638
	201,070	84,356

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	2,829	4,027
Amounts owed to group undertakings	6	47,593
Corporation tax	4,109	-
Other taxation and social security	10,896	1,476
Other creditors	564	783
Accruals and deferred income	11,042	12,001
	29,446	65,880

7.	Parent entity

The parent of the smallest group for which consolidated financial statements are drawn up and of which this Company is a member is PRP Group LLP, a limited liability partnership. The registered office of PRP Group LLP is 10 Lindsey Street, London, EC1A 9HP, United Kingdom.

8.	Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 25 November 2025 by Andrew Wooding FCA (Senior statutory auditor) on behalf of Menzies LLP.

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