Innovation Source Limited Accounts






Innovation Source Limited

	Company No. 10022903
		Information for Filing with The Registrar
		31 March 2025

The Director presents his report and the accounts for the year ended 31 March 2025.

Principal activities
The principal activity of the company during the year under review was research and development.




Director

The Director who served at any time during the year was as follows:

Min Chen









































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

Min Chen
Director
19 December 2025

at	31 March 2025
Company No.		10022903	Notes	2025	2024
				£	£
Fixed assets
	Intangible assets		4	-	15,077
	Tangible assets		5	-	-


				-	15,077
Current assets



	Cash at bank and in hand			862	97
				862	97
Creditors: Amount falling due within one year			6	(35,625)	(29,104)
Net current liabilities				(34,763)	(29,007)
Total assets less current liabilities				(34,763)	(13,930)




Net liabilities				(34,763)	(13,930)

Capital and reserves
	Called up share capital			2	2



	Profit and loss account		8	(34,765)	(13,932)

Total equity				(34,763)	(13,930)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 19 December 2025 and signed on its behalf by:
Min Chen
Director
19 December 2025

for the year ended 31 March 2025

General information

Innovation Source Limited is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 10022903

Its registered office is:

C17 Kestrel Business Centre

Colwick Industrial Estate

Nottingham

NG4 2JR

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Going concern

The financial statements have been prepared on the going concern basis. The principal creditor of the company is the director. The director has confirmed that he does not intend to withdraw his support for the foreseeable future.

Accounting policies

Turnover

Turnover represents the fair value of the consideration receivable in respect of services provided during the year. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the income statement by reference to the stage of completion at the year end.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

25% Straight line

Research and development costs

Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:

(a) The contractual rights to the cash flows from the asset expire or are settled;

(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or

(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2025	2024
			Number	Number
		The average monthly number of employees (including directors) during the year was:	1	1

4	Intangible fixed assets
			Develop-ment costs	Total
			£	£
		Cost
		At 1 April 2024	15,077	15,077


		At 31 March 2025	15,077	15,077
		Amortisation and impairment

		Charge for the year	15,077	15,077


		At 31 March 2025	15,077	15,077
		Net book values
		At 31 March 2025	-	-
		At 31 March 2024	15,077	15,077

5	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 April 2024	800	800




		At 31 March 2025	800	800
		Depreciation
		At 1 April 2024	800	800




		At 31 March 2025	800	800
		Net book values
		At 31 March 2025	-	-
		At 31 March 2024	-	-

6	Creditors:
		amounts falling due within one year
			2025	2024
			£	£







		Loans from directors	26,206	20,331
		Other creditors	7,000	7,000
		Accruals and deferred income	2,419	1,773
			35,625	29,104

Share Capital

Share capital consists of 2 Ordinary shares of £1 each, which are all fully paid.

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.