Innov8 Technology Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03306343 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2017

FOR

INNOV8 TECHNOLOGY LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C V Wilson

C S Maher

W L Maher

SECRETARY:

C V Wilson

REGISTERED OFFICE:

5 Riverview

The Embankment Business Park

Heaton Mersey

Stockport

SK4 3GN

REGISTERED NUMBER:

03306343 (England and Wales)

ACCOUNTANTS:

Ryans

Chartered Accountants

67 Chorley Old Road

Bolton

BL1 3AJ

BANKERS:

The Royal Bank of Scotland plc

488 Blackburn Road

Astley Bridge

Bolton

BL7 9RA

FIXED ASSETS

Intangible assets

4

-

2,039

Tangible assets

5

26,839

51,628

26,839

53,667

CURRENT ASSETS

Debtors

1,327,403

1,122,179

Cash at bank and in hand

1,264,425

916,804

2,591,828

2,038,983

CREDITORS

Amounts falling due within one year

1,252,332

1,051,391

NET CURRENT ASSETS

1,339,496

987,592

TOTAL ASSETS LESS CURRENT LIABILITIES

1,366,335

1,041,259

PROVISIONS FOR LIABILITIES

3,644

3,286

NET ASSETS

1,362,691

1,037,973

CAPITAL AND RESERVES

Called up share capital

6

48,462

48,462

Capital redemption reserve

48,461

48,461

Retained earnings

1,265,768

941,050

SHAREHOLDERS' FUNDS

1,362,691

1,037,973

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2017 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 Board of Directors on 5th December 2017 and were signed on its behalf by:

C V Wilson - Director

1.	STATUTORY INFORMATION

Innov8 Technology 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue, described as turnover, represents the value of goods and services provided in the year, excluding value

added tax.

Support contracts that run for a period beyond the financial year end have been apportioned on a time basis.

Goodwill

Goodwill is being written off over three to ten years.

Research and development

Expenditure on pure and applied research is written off in the year in which it is incurred.

Development expenditure on projects with an identifiable future income stream is capitalised and written off

over the commercial life of the project.

Software licences

Software licences are being written off over three years.

Depreciation

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.

Computer equipment

-

33% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Computer software

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

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

sheet 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

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2016 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2016

and 31st March 2017

518,986

AMORTISATION

At 1st April 2016

516,947

Amortisation for year

2,039

At 31st March 2017

518,986

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

2,039

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2016

255,101

Additions

13,442

Disposals

(67,374

)

At 31st March 2017

201,169

DEPRECIATION

At 1st April 2016

203,473

Charge for year

13,787

Eliminated on disposal

(42,930

)

At 31st March 2017

174,330

NET BOOK VALUE

At 31st March 2017

26,839

At 31st March 2016

51,628

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Totals

£

COST

At 1st April 2016

61,227

Disposals

(61,227

)

At 31st March 2017

-

DEPRECIATION

At 1st April 2016

35,506

Charge for year

2,085

Eliminated on disposal

(37,591

)

At 31st March 2017

-

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

25,721

6.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2017

2016

value:

£

£

48,462

Ordinary

£1

48,462

48,462

7.	OTHER FINANCIAL COMMITMENTS

At 31st March 2017 the company had future obligations under operating leases totalling £117,590.

8.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by its directors who, between them, own all of the issued

share capital.

9.	FIRST YEAR ADOPTION

These financial statements for the year ended 31st March 2017 are the first financial statements that comply with

FRS 102 Section 1A for small entities. There are no transitional adjustments.