Innovation 1st Limited - Limited company - abbreviated

REGISTERED NUMBER: 06903748 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

FOR

INNOVATION 1ST LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTORS:

G J Holland

I D Mallalue

REGISTERED OFFICE:

1st Floor

Westminster House

Kew Road

Richmond

Surrey

TW9 2ND

REGISTERED NUMBER:

06903748 (England and Wales)

ACCOUNTANTS:

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

FIXED ASSETS

Tangible assets

2

92,388

3,410

CURRENT ASSETS

Stocks

500,050

-

Debtors

638,640

559,143

Cash at bank and in hand

779,906

48,985

1,918,596

608,128

CREDITORS

Amounts falling due within one year

1,759,989

592,678

NET CURRENT ASSETS

158,607

15,450

TOTAL ASSETS LESS CURRENT
LIABILITIES

250,995

18,860

PROVISIONS FOR LIABILITIES

4,863

-

NET ASSETS

246,132

18,860

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

246,032

18,760

SHAREHOLDERS' FUNDS

246,132

18,860

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 21 October 2014 and were signed on its
behalf by:

I D Mallalue - 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 April 2008).

Turnover

Turnover represents net invoiced sales of goods and services and royalties receivable, 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.

Fixtures and fittings

-

25% on cost and 10% on cost

Computer equipment

-

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over

the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

7,707

Additions

106,152

At 31 May 2014

113,859

DEPRECIATION

At 1 June 2013

4,297

Charge for year

17,174

At 31 May 2014

21,471

NET BOOK VALUE

At 31 May 2014

92,388

At 31 May 2013

3,410

3.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2014

2013

value:

£

50

A Ordinary £1 shares

£1

50

B Ordinary £1 Shares

£1

50

100

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

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

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 Innovation 1st Limited for the year ended 31 May 2014 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 Board of Directors of Innovation 1st Limited, as a body, in accordance with our

terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements

of Innovation 1st Limited and state those matters that we have agreed to state to the Board of Directors of

Innovation 1st Limited, as a body, 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 Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Innovation 1st Limited 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

Innovation 1st Limited. You consider that Innovation 1st 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 financial statements of Innovation 1st

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

statutory financial statements.

M R Salvage Limited

Chartered Accountants

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

4 November 2014

Innovation 1st Limited - Limited company - abbreviated - 11.6

Innovation 1st Limited - Limited company - abbreviated - 11.6