Innovation 1st Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06903748 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

INNOVATION 1ST LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

7

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:

Wilkins Kennedy

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

FIXED ASSETS

Tangible assets

4

110,792

132,517

CURRENT ASSETS

Stocks

362,168

135,788

Debtors

2,129,731

1,166,408

Investments

1

1

Cash at bank and in hand

393,399

620,209

2,885,299

1,922,406

CREDITORS

Amounts falling due within one year

2,849,270

1,766,952

NET CURRENT ASSETS

36,029

155,454

TOTAL ASSETS LESS CURRENT LIABILITIES

146,821

287,971

CREDITORS

Amounts falling due after more than one year

-

(35,797

)

PROVISIONS FOR LIABILITIES

(5,661

)

(5,598

)

NET ASSETS

141,160

246,576

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

141,060

246,476

SHAREHOLDERS' FUNDS

141,160

246,576

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 28 September 2018 and were signed on its behalf by:

I D Mallalue - Director

1.	STATUTORY INFORMATION

Innovation 1st Limited 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

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.

Financial instruments

The company uses certain financial instruments in its normal operating and investing activities, which

are deemed appropriate to its circumstances, such as trade receivables and trade payables, cash at

bank deposits and bank overdrafts, loans and equity shares. Financial assets and liabilities are

recognised on the company's balance sheet when the company has become a party to the contractual

provisions of the instrument.

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

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.

Comparative period

The prior year accounting period was shortened to a 7 month period ending 31 December 2016.

Accordingly, the comparative figures for the period ended 31 December 2016 are not strictly

comparable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2016 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

199,818

Additions

6,240

At 31 December 2017

206,058

DEPRECIATION

At 1 January 2017

67,301

Charge for year

27,965

At 31 December 2017

95,266

NET BOOK VALUE

At 31 December 2017

110,792

At 31 December 2016

132,517

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

142,672

121,620

Between one and five years

492,957

489,862

In more than five years

121,620

243,240

757,249

854,722

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

100

100

7.	POST BALANCE SHEET EVENTS

Dividends were included in the accounts totalling £20,000 that were paid on 2 January 2018.

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

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

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 December 2017 which comprise the

Statement of Income, Balance Sheet, Statement of Changes in Equity and the related notes from the

company's accounting records and from information and explanations you have given us.

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. To the fullest extent permitted by law, we do not

accept or assume responsibility to anyone other than Innovation 1st Limited 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.

Wilkins Kennedy

7/8 Eghams Court

Boston Drive

Bourne End

Buckinghamshire

SL8 5YS

28 September 2018