Innov8 GB Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05550244 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

INNOV8 GB LTD

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Tangible assets

4

28,737

2,021

CURRENT ASSETS

Stocks

383,251

374,558

Debtors

222,720

139,281

Cash at bank and in hand

259,198

388,568

865,169

902,407

CREDITORS

Amounts falling due within one year

214,242

186,839

NET CURRENT ASSETS

650,927

715,568

TOTAL ASSETS LESS CURRENT LIABILITIES

679,664

717,589

CREDITORS

Amounts falling due after more than one year

(14,935

)

-

PROVISIONS FOR LIABILITIES

6

(4,054

)

-

NET ASSETS

660,675

717,589

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

659,675

716,589

SHAREHOLDERS' FUNDS

660,675

717,589

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

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

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 2022 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 24 July 2023 and were signed by:

M R Brierley - Director

1.	STATUTORY INFORMATION

Innov8 GB 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.

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.

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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 2022 were operating at a loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2021

183,113

Additions

27,420

At 31 October 2022

210,533

DEPRECIATION

At 1 November 2021

181,092

Charge for year

704

At 31 October 2022

181,796

NET BOOK VALUE

At 31 October 2022

28,737

At 31 October 2021

2,021

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.10.22

31.10.21

£

£

Net obligations repayable:

Within one year

6,064

-

Between one and five years

14,935

-

20,999

-

Non-cancellable operating

leases

31.10.22

31.10.21

£

£

Within one year

44,439

52,143

Between one and five years

77,768

141,525

122,207

193,668

6.	PROVISIONS FOR LIABILITIES

31.10.22

31.10.21

£

£

Deferred tax

Accelerated capital allowances

4,054

-

Deferred

tax

£

Charge to Statement of Income and Retained Earnings during year

4,054

Balance at 31 October 2022

4,054

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the company loaned M R Brierley, a director of the company £9,695 (2021 - £167). The loan was interest free and repaid on 5 July 2023..