Company Registration No. 10757123 (England and Wales)
INNOVATION BROKING GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
INNOVATION BROKING GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
INNOVATION BROKING GROUP LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
5
142,856
142,856
Current assets
Debtors
6
501,890
502,027
Cash at bank and in hand
203,799
131,032
705,689
633,059
Creditors: amounts falling due within one year
7
(1,080,670)
(500,769)
Net current (liabilities)/assets
(374,981)
132,290
Total assets less current liabilities
(232,125)
275,146
Creditors: amounts falling due after more than one year
8
(1,025,000)
(1,025,000)
Net liabilities
(1,257,125)
(749,854)
Capital and reserves
Called up share capital
142,856
142,856
Profit and loss reserves
(1,399,981)
(892,710)
Total equity
(1,257,125)
(749,854)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 by the board of directors and authorised for issue on 15 June 2021 and are signed on its behalf by:
A Buckingham
Director
Company Registration No. 10757123
INNOVATION BROKING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Innovation Broking Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Avenue House, 31 The Avenue, Waterford, WD17 4AJ.
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 directors have reviewed the risks associated with COVID-19 and consider there are suitable measures and controls in place to monitor any impact on the business and take appropriate actions if needed.
true
The financial statements show a loss for the year of £
507
,2
71
and negative shareholders funds of £
1,257
,
12
4. The directors of the group have confirmed that group support in particular loans of £
1,0
25,000, will continue to be available. In light of this the directors believe it is appropriate for the financial statements to be prepared on a going concern basis.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
INNOVATION BROKING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
INNOVATION BROKING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
5
5
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2020 and 31 December 2020
6,000
Depreciation and impairment
At 1 January 2020 and 31 December 2020
6,000
Carrying amount
At 31 December 2020
At 31 December 2019
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
142,856
142,856
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
1,890
2,027
2020
2019
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
500,000
500,000
Total debtors
501,890
502,027
INNOVATION BROKING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
971,357
476,427
Taxation and social security
19,258
19,937
Other creditors
90,055
4,405
1,080,670
500,769
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
1,025,000
1,025,000
INNOVATION BROKING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Material uncertainty related to going concern
We draw attention to note 1.2 in the financial statements which discusses the Directors' assessment of the impact of the COVID-19 pandemic on the Company. As stated in the accounting policy note, these events or conditions, along with other matters as set forth in the going concern policy, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter
The senior statutory auditor was John Warner.
The auditor was BHP LLP.