Company Registration No. 05728343 (England and Wales)
INNOVARE DESIGN LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
INNOVARE DESIGN LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
INNOVARE DESIGN LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
32,000
36,000
Tangible assets
2
20,342
21,139
52,342
57,139
Current assets
Stocks
15,067
25,067
Debtors
67,476
175,316
Cash at bank and in hand
95,179
30,020
177,722
230,403
Creditors: amounts falling due within one year
(34,018)
(106,026)
Net current assets
143,704
124,377
Total assets less current liabilities
196,046
181,516
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
195,946
181,416
Shareholders' funds
196,046
181,516
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 22 December 2016
Mr. L Blakey
Director
Company Registration No. 05728343
INNOVARE DESIGN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
40,000
46,282
86,282
Additions
-
4,287
4,287
At 31 March 2016
40,000
50,569
90,569
Depreciation
At 1 April 2015
4,000
25,142
29,142
Charge for the year
4,000
5,085
9,085
At 31 March 2016
8,000
30,227
38,227
Net book value
At 31 March 2016
32,000
20,342
52,342
At 31 March 2015
36,000
21,139
57,139
INNOVARE DESIGN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
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