Innov8 GB Ltd - Accounts to registrar (filleted) - small 18.2

Innov8 GB Ltd - Accounts to registrar (filleted) - small 18.2

INNOV8 GB LTD - Company Information

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REGISTERED NUMBER: 05550244 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

INNOV8 GB LTD
INNOV8 GB LTD (REGISTERED NUMBER: 05550244)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


INNOV8 GB LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2019







DIRECTOR: M R Brierley





REGISTERED OFFICE: Unit 12 Oakhurst Business Park,
Wilberforce Way
Southwater
Horsham
West Sussex
RH13 9RT





REGISTERED NUMBER: 05550244 (England and Wales)





ACCOUNTANTS: D A CLARK & CO. LTD.
Bailey House
4-10 Barttelot Road
Horsham
West Sussex
RH12 1DQ
Page 1
INNOV8 GB LTD (REGISTERED NUMBER: 05550244)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2019

31.10.19 31.10.18
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 32,506 7,001
Investments 4 - 30,645
32,506 37,646

CURRENT ASSETS
Stocks 617,861 686,473
Debtors 173,062 132,697
Cash at bank and in hand 176,361 132,862
967,284 952,032
CREDITORS
Amounts falling due within one year 232,975 245,940
NET CURRENT ASSETS 734,309 706,092
TOTAL ASSETS LESS CURRENT
LIABILITIES
766,815
743,738

CREDITORS
Amounts falling due after more than one year (22,778 ) -

PROVISIONS FOR LIABILITIES 6 (4,483 ) -
NET ASSETS 739,554 743,738

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 738,554 742,738
SHAREHOLDERS' FUNDS 739,554 743,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 notes form part of these financial statements

Page 2 continued...
INNOV8 GB LTD (REGISTERED NUMBER: 05550244)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2019


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31 October 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 15 June 2020 and were signed by:





M R Brierley - Director


The notes form part of these financial statements

Page 3
INNOV8 GB LTD (REGISTERED NUMBER: 05550244)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019

1. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over the term of the lease
Plant and machinery - 25% on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement
of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are
depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of
the future payments is treated as a liability.

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

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.

Foreign exchange contracts
Foreign exchange forward contracts are required to be recognised at fair value in line with the requirements for
derivatives under FRS 102. Any changes in fair value should be recognised as a profit or loss. No forward contracts
were outstanding as at 31st October 2019.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2018 - 23 ) .

Page 4 continued...
INNOV8 GB LTD (REGISTERED NUMBER: 05550244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2019

3. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2018 183,390
Additions 33,997
Disposals (598 )
At 31 October 2019 216,789
DEPRECIATION
At 1 November 2018 176,389
Charge for year 8,492
Eliminated on disposal (598 )
At 31 October 2019 184,283
NET BOOK VALUE
At 31 October 2019 32,506
At 31 October 2018 7,001

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
Additions 32,997
At 31 October 2019 32,997
DEPRECIATION
Charge for year 6,187
At 31 October 2019 6,187
NET BOOK VALUE
At 31 October 2019 26,810

Page 5 continued...
INNOV8 GB LTD (REGISTERED NUMBER: 05550244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2019

4. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 November 2018 30,645
Disposals (30,645 )
At 31 October 2019 -
NET BOOK VALUE
At 31 October 2019 -
At 31 October 2018 30,645

The company's investments at the Statement of Financial Position date in the share capital of companies include the
following:

Associated company

TCU Trading Ltd
Registered office:
Nature of business: Online retail
%
Class of shares: holding
Ordinary 49.00
31.10.19 31.10.18
£    £   
Aggregate capital and reserves - 201,746
Profit for the year - 12,558

Innov8 GB Ltd sold their 49% shareholding in TCU Trading Ltd on 31st October 2019.

5. SECURED DEBTS

The following secured debts are included within creditors:

31.10.19 31.10.18
£    £   
Bank loans 80,090 73,557

6. PROVISIONS FOR LIABILITIES
31.10.19 31.10.18
£    £   
Deferred tax 4,483 -

Page 6 continued...
INNOV8 GB LTD (REGISTERED NUMBER: 05550244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2019

6. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Provided during year 4,483
Balance at 31 October 2019 4,483

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the 31st October 2019, a loan of £4,900 was outstanding to Mr M Brierley. This was repaid on the 5th June 2020.

8. OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within one year:

Expiring in more than five years for the year ended 31 October 2019 totalling £53,750 (2018 - £61,899).

Page 7