Innov8 GB Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 05550244 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2015

FOR

INNOV8 GB LTD

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTOR:

M R Brierley

SECRETARY:

Mrs E L 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

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to six)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Innov8 GB Ltd for the year ended 31 October 2015 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 firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of Innov8 GB Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Innov8 GB Ltd and state those matters that we have agreed to state to the director of Innov8 GB Ltd in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Innov8 GB Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Innov8 GB Ltd. You consider that Innov8 GB Ltd 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 financial statements of Innov8 GB Ltd. 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 statutory financial statements.

D A CLARK & CO. LTD.

Bailey House

4-10 Barttelot Road

Horsham

West Sussex

RH12 1DQ

27 July 2016

FIXED ASSETS

Tangible assets

2

61,923

36,595

CURRENT ASSETS

Stocks

818,184

711,473

Debtors

156,784

158,660

Cash at bank and in hand

162,237

252,449

1,137,205

1,122,582

CREDITORS

Amounts falling due within one year

3

327,776

315,562

NET CURRENT ASSETS

809,429

807,020

TOTAL ASSETS LESS CURRENT
LIABILITIES

871,352

843,615

CREDITORS

Amounts falling due after more than one
year

3

(27,075

)

-

PROVISIONS FOR LIABILITIES

(4,358

)

(2,987

)

NET ASSETS

839,919

840,628

CAPITAL AND RESERVES

Called up share capital

4

1,000

Profit and loss account

838,919

839,628

SHAREHOLDERS' FUNDS

839,919

840,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 27 July 2016 and were signed by:

M R Brierley - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet 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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2014

203,349

Additions

91,625

Disposals

(59,065

)

At 31 October 2015

235,909

DEPRECIATION

At 1 November 2014

166,754

Charge for year

30,831

Eliminated on disposal

(23,599

)

At 31 October 2015

173,986

NET BOOK VALUE

At 31 October 2015

61,923

At 31 October 2014

36,595

3.

CREDITORS

Creditors include an amount of £ 90,702 (31.10.14 - £ 58,606 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.15

31.10.14

value:

£

1,000

Nominal

£1

1,000

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2015 and

31 October 2014:

31.10.15

31.10.14

£

M R Brierley

Balance outstanding at start of year

-

Amounts advanced

45,000

-

Amounts repaid

-

Balance outstanding at end of year

45,000

-