REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2022 |
for |
Innovation Technology Capital Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2022 |
for |
Innovation Technology Capital Limited |
Innovation Technology Capital Limited (Registered number: 10480205) |
Contents of the Financial Statements |
for the Year Ended 30 November 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Innovation Technology Capital Limited |
Company Information |
for the Year Ended 30 November 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Innovation Technology Capital Limited (Registered number: 10480205) |
Balance Sheet |
30 November 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings | 8 | ( |
) | ( |
) |
( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Innovation Technology Capital Limited (Registered number: 10480205) |
Balance Sheet - continued |
30 November 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Innovation Technology Capital Limited (Registered number: 10480205) |
Notes to the Financial Statements |
for the Year Ended 30 November 2022 |
1. | STATUTORY INFORMATION |
Innovation Technology Capital Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments are shown at cost or fair value. Any aggregate surplus or deficit arising from changes in fair value is recognized in other comprehensive income. |
Going concern |
After making enquiries, the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company relies on the ongoing support of its directors, other creditors and shareholders, who have indicated their willingness to continue their support for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Innovation Technology Capital Limited (Registered number: 10480205) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 December 2021 |
and 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
Cost or valuation at 30 November 2022 is represented by: |
Other |
investments |
£ |
Valuation in 2022 | 979,567 |
Cost | 1,059,233 |
2,038,800 |
The investments were revalued by the directors as at 30 November 2022. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Innovation Technology Capital Limited (Registered number: 10480205) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
7. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 December 2021 |
Provided during year |
Balance at 30 November 2022 |
8. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 December 2021 | (619,379 | ) | 793,449 | 174,070 |
Deficit for the year | (247,744 | ) | (247,744 | ) |
Revaluation reserve | 793,449 | (793,449 | ) | - |
At 30 November 2022 | (73,674 | ) | - | (73,674 | ) |
9. | RELATED PARTY DISCLOSURES |
Other creditors include £1,890,943 (2021: £1,406,096) due to companies in which the director of this company is also a director. These balances are interest free and repayable on demand. |
As at 30 November 2022 a loan amounting to £1,890,000 (2021: £1,890,000) is due to a Trust of close family member of the director. This loan is unsecured, interest free and repayable on demand. |
Other debtors include £1,213,869 (2021: £1,104,443) due from companies in which the director of this company is also a director. These balances are interest free and repayable on demand. |
Trade debtors include £2,117,179 (2021: £1,128,064) due from companies in which the director of this company is also a director. These balances are interest free and repayable on demand. |
Other creditors include £29,227 (2021: £135,534) due to companies in which the director of this company is also a director. These balances are interest free and repayable on demand. |