Innovate (Cowdenbeath) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC321616 (Scotland)

INNOVATE (COWDENBEATH) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2020

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

A K Brewster

REGISTERED OFFICE:

Bonnington Store

Wilkieston

Kirknewton

EH27 8BB

REGISTERED NUMBER:

SC321616 (Scotland)

ACCOUNTANTS:

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Innovate (Cowdenbeath) Limited for the year ended 30th November 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Innovate (Cowdenbeath) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Innovate (Cowdenbeath) Limited and state those matters that we have agreed to state to the director of Innovate (Cowdenbeath) Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Innovate (Cowdenbeath) 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 loss of Innovate (Cowdenbeath) Limited. You consider that Innovate (Cowdenbeath) 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 Innovate (Cowdenbeath) 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.

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

30th August 2021

FIXED ASSETS

Intangible assets

4

170

170

Tangible assets

5

337,577

343,206

Investments

6

239,703

239,103

577,450

582,479

CURRENT ASSETS

Debtors

7

47,261

60,410

Cash at bank and in hand

47,139

39,413

94,400

99,823

CREDITORS

Amounts falling due within one year

8

9,407

40,954

NET CURRENT ASSETS

84,993

58,869

TOTAL ASSETS LESS CURRENT LIABILITIES

662,443

641,348

CREDITORS

Amounts falling due after more than one year

9

(2,419,532

)

(2,378,532

)

PROVISIONS FOR LIABILITIES

(3,051

)

(3,051

)

NET LIABILITIES

(1,760,140

)

(1,740,235

)

CAPITAL AND RESERVES

Called up share capital

11

4

4

Retained earnings

(1,760,144

)

(1,740,239

)

SHAREHOLDERS' FUNDS

(1,760,140

)

(1,740,235

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30th August 2021 and were signed by:

A K Brewster - Director

1.	STATUTORY INFORMATION

Innovate (Cowdenbeath) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company had negative reserves of £1,760,144 at 30th November 2020. Included in creditors is £2,369,532 owed to directors and group undertakings. It has been agreed that these loans will not be repaid to the detriment of the company's ability to trade. During the year end the Covid 19 pandemic has developed rapidly and has impacted the trade but the company continues to receive the support of its directors. The directors therefore believe it is appropriate to prepare the financial statements on a going concern basis.

Turnover

The turnover shown in the profit and loss account represents the sales value of work done during the year, exclusive of Value Added Tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are not being amortised and are being held at a value of £170.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

10% straight line

Ground improvements

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office Equipment

-

20% on reducing balance

The freehold land is included at fair value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1st December 2019

and 30th November 2020

170

NET BOOK VALUE

At 30th November 2020

170

At 30th November 2019

170

5.	TANGIBLE FIXED ASSETS

Freehold

Ground

Motor

Office

property

improvements

vehicles

Equipment

Totals

£

£

£

£

£

COST

At 1st December 2019

326,650

37,254

17,840

85,182

466,926

Additions

-

-

-

1,540

1,540

At 30th November 2020

326,650

37,254

17,840

86,722

468,466

DEPRECIATION

At 1st December 2019

2,217

31,858

11,176

78,469

123,720

Charge for year

2,665

1,079

1,666

1,759

7,169

At 30th November 2020

4,882

32,937

12,842

80,228

130,889

NET BOOK VALUE

At 30th November 2020

321,768

4,317

4,998

6,494

337,577

At 30th November 2019

324,433

5,396

6,664

6,713

343,206

6.	FIXED ASSET INVESTMENTS

30.11.20

30.11.19

£

£

Shares in group undertakings

100

100

Loans to group undertakings

239,603

239,003

239,703

239,103

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1st December 2019

and 30th November 2020

100

NET BOOK VALUE

At 30th November 2020

100

At 30th November 2019

100

Loans to

group

undertakings

£

At 1st December 2019

239,003

New in year

600

At 30th November 2020

239,603

The company owns 100% of the issued share capital of 100 Ordinary shares of £1 each in Countrylife Homes Ltd. This company is registered in Scotland.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Trade debtors

19,500

14,935

Other debtors

27,761

45,475

47,261

60,410

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Trade creditors

1,642

13,227

Taxation and social security

1,174

17,138

Other creditors

6,591

10,589

9,407

40,954

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.20

30.11.19

£

£

Bank loans (see note 10)

50,000

-

Other creditors

2,369,532

2,378,532

2,419,532

2,378,532

Amounts falling due in more than five years:

Repayable by instalments

Bank loans over 5 years

49,217

-

10.

LOANS

An analysis of the maturity of loans is given below:

30.11.20

30.11.19

£

£

Amounts falling due between two and five years:

Bank loans - 1-5 years

783

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans over 5 years

49,217

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.20

30.11.19

value:

£

£

4

Ordinary shares

£1

4

4

12.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.