Improvate Group Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12369826

Improvate Group Limited

Filleted Unaudited Financial Statements

31 December 2024

Improvate Group Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	$	$

Fixed assets

Investments	4	2,896,834	2,903,389

Current assets

Debtors	5	349	105

Creditors: amounts falling due within one year	6	1,221,217	9,805
		---------------	--------
Net current liabilities		1,220,868	9,700
		---------------	---------------
Total assets less current liabilities		1,675,966	2,893,689

Creditors: amounts falling due after more than one year	7	120,980	2,986,305
		---------------	---------------
Net assets/(liabilities)		1,554,986	( 92,616)
		---------------	---------------

Capital and reserves

Called up share capital	1,653,201	132
Profit and loss account	( 98,215)	( 92,748)
	---------------	----------
Shareholders funds/(deficit)	1,554,986	( 92,616)
	---------------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Improvate Group Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 1 December 2025 , and are signed on behalf of the board by:

I Nevzlin
Director

Company registration number: 12369826

Improvate Group Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in US Dollar ($), which is the functional currency of the entity.

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the forseeable future, being a period of a least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Investments

Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Shares in group undertakings	Loans to group undertakings	Total
	$	$	$
Cost
At 1 January 2024	27	2,903,362	2,903,389
Other movements	–	( 6,555)	( 6,555)
	-----	---------------	---------------
At 31 December 2024	27	2,896,807	2,896,834
	-----	---------------	---------------
Impairment
At 1 January 2024 and 31 December 2024	–	–	–
	-----	---------------	---------------

Carrying amount
At 31 December 2024	27	2,896,807	2,896,834
	-----	---------------	---------------
At 31 December 2023	27	2,903,362	2,903,389
	-----	---------------	---------------

5. Debtors

	2024	2023
	$	$
Other debtors	349	105
	-----	-----

6. Creditors: amounts falling due within one year

	2024	2023
	$	$
Corporation tax	–	1,625
Other creditors	1,221,217	8,180
	---------------	--------
	1,221,217	9,805
	---------------	--------

7. Creditors: amounts falling due after more than one year

	2024	2023
	$	$
Other creditors	120,980	2,986,305
	------------	---------------

8. Related party transactions

During the year the company accrued interest of $NIL (2023: $69,945) from the subsidiary company. At the balance sheet date the company was owed $2,899,156 (2023: $2,903,390) by the subsidiary company. Interest was charged at 3.5% per annum and there are no formal repayment terms. During the year the company accrued interest of $NIL (2023: $42,438) to a close family member of the director. At the balance sheet date the company owed $1,212,500 (2023: $1,212,500) to a close family members of the director, which is included in other creditors in note 7. The loan bears interest of 3.5% per annum, is unsecured and repayable on 31 December 2024.