Innovative Solutions (UK) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03654087 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2022

for

Innovative Solutions (UK) Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A Rigby

REGISTERED OFFICE:

Unit 1 - 3 Mayfield Centre

Mayfield Street

Rochdale

Lancs

OL16 2UZ

REGISTERED NUMBER:

03654087 (England and Wales)

ACCOUNTANTS:

Mosley & Co

14 Market Place

Ramsbottom

Bury

Lancashire

BL0 9HT

FIXED ASSETS

Tangible assets

4

40

55

CURRENT ASSETS

Stocks

19,300

16,095

Debtors

5

6,133

9,468

Cash at bank and in hand

45,788

6,065

71,221

31,628

CREDITORS

Amounts falling due within one year

6

13,568

5,526

NET CURRENT ASSETS

57,653

26,102

TOTAL ASSETS LESS CURRENT LIABILITIES

57,693

26,157

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

57,593

26,057

SHAREHOLDERS' FUNDS

57,693

26,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 20 September 2022 and were signed by:

A Rigby - Director

1.	STATUTORY INFORMATION

Innovative Solutions (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Stocks

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

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2021

and 31 May 2022

1,515

DEPRECIATION

At 1 June 2021

1,460

Charge for year

15

At 31 May 2022

1,475

NET BOOK VALUE

At 31 May 2022

40

At 31 May 2021

55

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade debtors

4,814

8,699

Other debtors

1,319

769

6,133

9,468

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade creditors

1,175

(844

)

Taxation and social security

7,401

1,179

Other creditors

4,992

5,191

13,568

5,526

7.	RELATED PARTY DISCLOSURES

During the year Innovative Solutions (UK) Limited purchased goods from Richard Whittaker Limited totalling £99,847 and sold goods to Richard Whittaker Limited totalling £12,018 on normal commercial terms.