Company Registration No. 12110074 (England and Wales)
INNOVATE LEISURE LTD
Unaudited accounts
for the year ended 31 July 2021
INNOVATE LEISURE LTD
Unaudited accounts
Contents
INNOVATE LEISURE LTD
Company Information
for the year ended 31 July 2021
Directors
Alan Naylor
Michael Naylor
Company Number
12110074 (England and Wales)
Registered Office
21 ROBERTSON STREET
21
HASTINGS
TN34 1HL
UNITED KINGDOM
Accountants
Bergen Associates
c/o Perfect Balanced Bookkeeping
Century House, 100 Menzies Rd
Hastings, St Leonards-on-sea
East Sussex
TN38 9BB
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
INNOVATE LEISURE LTD
for the year ended 31 July 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
INNOVATE LEISURE LTD for the year ended
31 July 2021 as set out on pages
5 -
7 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Bergen Associates
Chartered Certified Accountants
c/o Perfect Balanced Bookkeeping
Century House, 100 Menzies Rd
Hastings, St Leonards-on-sea
East Sussex
TN38 9BB
29 June 2022
INNOVATE LEISURE LTD
Statement of financial position
as at
31 July 2021
Cash at bank and in hand
59,451
93,648
Creditors: amounts falling due within one year
(70,222)
(61,975)
Net current (liabilities)/assets
(10,771)
31,673
Total assets less current liabilities
(9,474)
31,673
Creditors: amounts falling due after more than one year
(49,217)
(50,000)
Net liabilities
(58,691)
(18,327)
Called up share capital
2
-
Profit and loss account
(58,693)
(18,327)
Shareholders' funds
(58,691)
(18,327)
For the year ending 31 July 2021 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2022 and were signed on its behalf by
Alan Naylor
Director
Company Registration No. 12110074
INNOVATE LEISURE LTD
Notes to the Accounts
for the year ended 31 July 2021
INNOVATE LEISURE LTD is a private company, limited by shares, registered in England and Wales, registration number 12110074. The registered office is 21 ROBERTSON STREET, 21, HASTINGS, TN34 1HL, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
INNOVATE LEISURE LTD
Notes to the Accounts
for the year ended 31 July 2021
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
4
Tangible fixed assets
Fixtures & fittings
Cost or valuation
At cost
5
Creditors: amounts falling due within one year
2021
2020
Trade creditors
47,620
30,583
Taxes and social security
7,603
9,709
Other creditors
(67)
6,423
Loans from directors
4,118
-
6
Creditors: amounts falling due after more than one year
2021
2020
7
Share capital
2021
2020
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
8
Average number of employees
During the year the average number of employees was 4 (2020: 4).