Company registration number 07633630 (England and Wales)
INNOVATIVE MEDIC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
INNOVATIVE MEDIC LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
INNOVATIVE MEDIC LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
57,897
57,855
Cash at bank and in hand
515
557
58,412
58,412
Creditors: amounts falling due within one year
4
(58,212)
(58,212)
Net current assets
200
200
Capital and reserves
-
-
Called up share capital
5
200
200
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 October 2022
M K A Morris
Director
Company Registration No. 07633630
The notes on pages 2 to 3 form part of these financial statements.
INNOVATIVE MEDIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Innovative Medic Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
4th Floor, 15 Bonhill Street, London, EC2A 4DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company ceased to trade on 1 October 2019. Whilst the company has the continued support of the wider group, it is the intention of the directors to wind up the company in the foreseeable future, consequently the accounts have been prepared on a basis other than going concern.
true
1.3
Cash and cash equivalents
Cash
at bank and in hand are basic
financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
INNOVATIVE MEDIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2
Employees
There were no employees during the current and the previous years apart from the
director
. The
director
did not receive any emoluments from the company for
her
qualifying services to the company in either year.
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
57,897
57,855
4
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
8,895
8,895
Other creditors
48,312
48,312
Accruals and deferred income
1,005
1,005
58,212
58,212
5
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary A shares of £1 each of £1 each
100
100
100
100
99 Ordinary B shares of £1 each of £1 each
99
99
99
99
1 Ordinary C share of £1 each of £1 each
1
1
1
1
200
200
200
200
6
Parent company
The immediate and ultimate parent company, and controlling party, is Lantum Ltd, being the parent of the smallest and largest group, for which group financial statements incorporating the results of this company are prepared. Copies of these consolidated financial statements of Lantum Ltd will be available from its registered office at 4th Floor, 15 Bonhill Street, London, EC2A 4DN.