Innov8 GB Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05550244 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

INNOV8 GB LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Tangible assets

3

29,552

43,971

Investments

4

58,705

58,705

88,257

102,676

CURRENT ASSETS

Stocks

5

712,184

796,686

Debtors

6

208,916

233,294

Cash at bank and in hand

212,718

226,666

1,133,818

1,256,646

CREDITORS

Amounts falling due within one year

7

420,120

489,542

NET CURRENT ASSETS

713,698

767,104

TOTAL ASSETS LESS CURRENT LIABILITIES

801,955

869,780

CREDITORS

Amounts falling due after more than one year

8

-

(31,200

)

PROVISIONS FOR LIABILITIES

10

(216

)

(2,056

)

NET ASSETS

801,739

836,524

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

800,739

835,524

SHAREHOLDERS' FUNDS

801,739

836,524

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

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 3 July 2018 and were signed by:

M R Brierley - Director

1.	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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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

Investments in associates

Investments in associate undertakings are recognised at cost. The value of the associate held in the balance sheet

has been considered and no impairment is necessary at this time.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Foreign exchange contracts

Foreign exchange forward contracts are required to be recognised at fair value in line with the requirements for

derivatives under FRS 102. Any changes in fair value should be recognised as a profit or loss. This treatment

has been considered for both the transitioning year and the year ended 31st October 2017. The fair value loss at

the date of these accounts has not been recognised as considered immaterial.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 .

3.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2016

106,346

16,616

53,139

48,895

224,996

Additions

-

-

711

9,795

10,506

Disposals

-

-

-

(14,595

)

(14,595

)

At 31 October 2017

106,346

16,616

53,850

44,095

220,907

DEPRECIATION

At 1 November 2016

103,033

16,616

50,262

11,114

181,025

Charge for year

386

-

2,115

11,309

13,810

Eliminated on disposal

-

-

-

(3,480

)

(3,480

)

At 31 October 2017

103,419

16,616

52,377

18,943

191,355

NET BOOK VALUE

At 31 October 2017

2,927

-

1,473

25,152

29,552

At 31 October 2016

3,313

-

2,877

37,781

43,971

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

Motor

vehicles

£

COST

At 1 November 2016

48,895

Disposals

(14,595

)

At 31 October 2017

34,300

DEPRECIATION

At 1 November 2016

11,115

Charge for year

10,229

Eliminated on disposal

(3,480

)

At 31 October 2017

17,864

NET BOOK VALUE

At 31 October 2017

16,436

At 31 October 2016

37,780

4.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 November 2016

and 31 October 2017

58,705

NET BOOK VALUE

At 31 October 2017

58,705

At 31 October 2016

58,705

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

TCU Trading Ltd

Registered office:

Nature of business: Online retail

%

Class of shares:

holding

Ordinary

49.00

31.10.17

31.10.16

£

£

Aggregate capital and reserves

204,088

196,829

Profit for the year/period

27,159

90,197

Innov8 GB Ltd bought a 49% shareholding in TCU Trading Ltd on 31st March 2016.

5.

STOCKS

31.10.17

31.10.16

£

£

Stocks

712,184

796,686

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

150,269

154,374

Amounts owed by associates

16,945

13,154

Other debtors

3,537

4,450

Prepayments and accrued income

38,165

61,316

208,916

233,294

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts

143,375

212,488

Hire purchase contracts

21,623

7,140

Trade creditors

172,722

152,238

Tax

14,106

26,123

Social security and other taxes

10,657

9,023

Pension

687

-

VAT

25,623

8,861

Credit Card

1,159

561

Sundry creditors

10,298

12,403

Directors' current accounts

4

50,067

Accrued expenses

19,866

10,638

420,120

489,542

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Hire purchase contracts

-

31,200

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.17

31.10.16

£

£

Bank loans

143,375

212,488

Obligations- lease and HP

21,623

38,341

164,998

250,829

10.	PROVISIONS FOR LIABILITIES

31.10.17

31.10.16

£

£

Deferred tax

216

2,056

Deferred

tax

£

Balance at 1 November 2016

2,056

Provided during year

(1,840

)

Balance at 31 October 2017

216

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £102,500 (2016 - £92,000) were paid to the directors .

TCU Trading Ltd

A company in which Innov8 GB Ltd own 49% of the share capital.

Innov8 GB invoiced TCU Trading Ltd during the year ending 31 October 2017 a service charge of £27,411

(2016 - £15,552) and a management charge of £3,000 (2016 - £3,000).

A dividend was paid during the year to 31 October 2017 totalling £9,751 in favour of Innov8 GB Ltd.

The amount due from TCU Trading at the balance sheet date was £16,945 (2016 - £13,154).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is M R Brierley.

13.	OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within one year:

Expiring in more than five years for the year ended 31 October 2017 totalling £52,814 (2016 - £51,650).