Innotech Specialists Limited
Innotech Specialists Limited
Registered number: 08103431
Unaudited Financial Statements
For The Year Ended
30 June 2023
Innotech Specialists Limited
Unaudited Financial Statements
For The Year Ended
30 June 2023
Unaudited Financial Statements
Contents | |
Page | |
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Accountant's Report | 1 |
Balance Sheet | 2—3 |
Notes to the Financial Statements | 4—6 |
Innotech Specialists Limited
Accountant's Report
For The Year Ended
30 June 2023
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of
Innotech Specialists Limited
for the year ended 30 June 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Innotech Specialists Limited
which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of
Innotech Specialists Limited
, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of
Innotech Specialists Limited
and state those matters that we have agreed to state to the director of
Innotech Specialists Limited
, as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Innotech Specialists Limited
and its director as a body for our work or for this report.
It is your duty to ensure that
Innotech Specialists Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Innotech Specialists Limited
. You consider that
Innotech Specialists 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 accounts of
Innotech Specialists 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 financial statements.
Signed |
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Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Innotech Specialists Limited
Balance Sheet
As At
30 June 2023
Balance Sheet
Registered number:
08103431
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 7 |
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NET LIABILITIES |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (14,323) | (26,476) | |||
Innotech Specialists Limited
Balance Sheet (continued)
As At
30 June 2023
On behalf of the board
Director
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The notes on pages 4 to 6 form part of these financial statements.
Innotech Specialists Limited
Notes to the Financial Statements
For The Year Ended
30 June 2023
Notes to the Financial Statements
1.
General Information
Innotech Specialists Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08103431
. The registered office is 2 Hampton Close, Cleethorpes, North East Lincolnshire, DN35 0UB.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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2.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
Innotech Specialists Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2023
4.
Tangible Assets
Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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£ | £ | £ | £ | £ | |
Cost | |||||
As at
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Disposals |
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Depreciation | |||||
As at
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Disposals |
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As at
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Net Book Value | |||||
As at
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As at
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5.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Other debtors | - | 445 | |
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6.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Other creditors | 1,419 | 50,754 | |
Taxation and social security |
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7.
Creditors: Amounts Falling Due After More Than One Year
2023 | 2022 | ||
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£ | £ | ||
Bank loans |
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8.
Provisions for Liabilities
Innotech Specialists Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2023
10.
Related Party Transactions
The director of the comapny has loaned the company money which is interest free and repayable on demand. At the end of the year the outstanding amounts totalled £619 (2022 - £8,022)