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

Print Friendly Version

IRIS Accounts Production v21.1.6.35 05550244 director 1.11.19 31.10.20 31.10.20 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure055502442019-10-31055502442020-10-31055502442019-11-012020-10-31055502442018-10-31055502442018-11-012019-10-31055502442019-10-3105550244ns16:EnglandWales2019-11-012020-10-3105550244ns15:PoundSterling2019-11-012020-10-3105550244ns11:Director12019-11-012020-10-3105550244ns11:PrivateLimitedCompanyLtd2019-11-012020-10-3105550244ns11:SmallEntities2019-11-012020-10-3105550244ns11:AuditExempt-NoAccountantsReport2019-11-012020-10-3105550244ns11:SmallCompaniesRegimeForDirectorsReport2019-11-012020-10-3105550244ns11:SmallCompaniesRegimeForAccounts2019-11-012020-10-3105550244ns11:AbridgedAccounts2019-11-012020-10-3105550244ns11:RegisteredOffice2019-11-012020-10-3105550244ns6:CurrentFinancialInstruments2020-10-3105550244ns6:CurrentFinancialInstruments2019-10-3105550244ns6:Non-currentFinancialInstruments2020-10-3105550244ns6:Non-currentFinancialInstruments2019-10-3105550244ns6:ShareCapital2020-10-3105550244ns6:ShareCapital2019-10-3105550244ns6:RetainedEarningsAccumulatedLosses2020-10-3105550244ns6:RetainedEarningsAccumulatedLosses2019-10-3105550244ns6:LandBuildingsns6:ShortLeaseholdAssets2019-11-012020-10-3105550244ns6:PlantMachinery2019-11-012020-10-3105550244ns6:FurnitureFittings2019-11-012020-10-3105550244ns6:MotorVehicles2019-11-012020-10-3105550244ns6:Secured2020-10-3105550244ns6:Secured2019-10-3105550244ns6:DeferredTaxation2019-10-3105550244ns6:DeferredTaxation2019-11-012020-10-3105550244ns6:DeferredTaxation2020-10-31
REGISTERED NUMBER: 05550244 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

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






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020




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 2020







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: Galloways Accounting
First Floor
Ridgeland House
15 Carfax
Horsham
West Sussex
RH12 1DY
Page 1
INNOV8 GB LTD (REGISTERED NUMBER: 05550244)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2020

31.10.20 31.10.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 2,211 32,506

CURRENT ASSETS
Stocks 538,766 617,861
Debtors 193,475 173,062
Cash at bank and in hand 262,049 176,361
994,290 967,284
CREDITORS
Amounts falling due within one year 302,001 232,975
NET CURRENT ASSETS 692,289 734,309
TOTAL ASSETS LESS CURRENT
LIABILITIES
694,500
766,815

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

PROVISIONS FOR LIABILITIES 5 - (4,483 )
NET ASSETS 694,500 739,554

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 693,500 738,554
SHAREHOLDERS' FUNDS 694,500 739,554

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

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

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

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2020


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 Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 October 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 26 July 2021 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 2020

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. All forward contracts outstanding at 31st October 2020 were operating at a loss.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 20 ) .

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020

3. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2019 216,789
Disposals (34,657 )
At 31 October 2020 182,132
DEPRECIATION
At 1 November 2019 184,283
Charge for year 4,181
Eliminated on disposal (8,543 )
At 31 October 2020 179,921
NET BOOK VALUE
At 31 October 2020 2,211
At 31 October 2019 32,506

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

Totals
£   
COST
At 1 November 2019 32,997
Disposals (32,997 )
At 31 October 2020 -
DEPRECIATION
At 1 November 2019 6,187
Charge for year 2,062
Eliminated on disposal (8,249 )
At 31 October 2020 -
NET BOOK VALUE
At 31 October 2020 -
At 31 October 2019 26,810

4. SECURED DEBTS

The following secured debts are included within creditors:

31.10.20 31.10.19
£    £   
Bank loans 74,117 80,090

5. PROVISIONS FOR LIABILITIES
31.10.20 31.10.19
£    £   
Deferred tax - 4,483

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020

5. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2019 4,483
Provided during year (4,483 )
Balance at 31 October 2020 -

6. OPERATING LEASE COMMITMENTS

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

Expiring in less than five years for the year ended 31 October 2020 totalling £51,034 (2019 - £53,750).

Page 6