COMPANY REGISTRATION NUMBER:
13553633
Innovative Design Developments Limited |
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Filleted Unaudited Financial Statements |
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Innovative Design Developments Limited |
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Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Innovative Design Developments Limited |
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Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Innovative Design Developments Limited for the year ended 31 August 2023, which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Innovative Design Developments Limited, as a body, in accordance with the terms of our engagement letter dated 18 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Innovative Design Developments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Innovative Design Developments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Innovative Design Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Innovative Design Developments Limited. You consider that Innovative Design Developments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Innovative Design Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MILLER DAVIES LLP
Chartered Accountants
A3 Broomsleigh Business Park
Worsley Bridge Road
London
SE26 5BN
22 February 2024
Innovative Design Developments Limited |
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31 August 2023
Current assets
Debtors |
4 |
79,070 |
73,070 |
Cash at bank and in hand |
10,314 |
142,412 |
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-------- |
--------- |
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89,384 |
215,482 |
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Creditors: amounts falling due within one year |
5 |
65,368 |
19,301 |
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-------- |
--------- |
Net current assets |
24,016 |
196,181 |
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--------- |
Total assets less current liabilities |
24,016 |
196,181 |
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|
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Creditors: amounts falling due after more than one year |
6 |
– |
187,186 |
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-------- |
--------- |
Net assets |
24,016 |
8,995 |
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--------- |
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Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
23,916 |
8,895 |
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------- |
Shareholders funds |
24,016 |
8,995 |
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------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
22 February 2024
, and are signed on behalf of the board by:
Company registration number:
13553633
Innovative Design Developments Limited |
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Notes to the Financial Statements |
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Year ended 31 August 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Busines Park, Worsley Bridge Road, London, SE26 5BN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Debtors
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2023 |
2022 |
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£ |
£ |
Trade debtors |
79,070 |
73,070 |
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5.
Creditors:
amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
Trade creditors |
– |
15,415 |
Corporation tax |
3,523 |
2,086 |
Social security and other taxes |
– |
1,050 |
Other creditors |
61,845 |
750 |
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-------- |
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65,368 |
19,301 |
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-------- |
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6.
Creditors:
amounts falling due after more than one year
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2023 |
2022 |
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£ |
£ |
Other creditors |
– |
187,186 |
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--------- |
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7.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss |
89,385 |
215,482 |
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Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss |
61,945 |
203,451 |
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--------- |
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