Innovestech Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11128694 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

INNOVESTECH LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms E Sheldon

REGISTERED OFFICE:

C/o Crowe U.K. LLP 3rd Floor The Lexicon

Mount Street

Manchester

M2 5NT

REGISTERED NUMBER:

11128694 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

The Lexicon

10-12 Mount Street

Manchester

M2 5NT

FIXED ASSETS

Tangible assets

4

7,489

11,989

CURRENT ASSETS

Debtors

5

133,440

52,358

Cash at bank

4,508

6,154

137,948

58,512

CREDITORS

Amounts falling due within one year

6

91,462

21,863

NET CURRENT ASSETS

46,486

36,649

TOTAL ASSETS LESS CURRENT LIABILITIES

53,975

48,638

CREDITORS

Amounts falling due after more than one year

7

35,613

40,835

NET ASSETS

18,362

7,803

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

18,361

7,802

18,362

7,803

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 26 October 2023 and were signed by:

Ms E Sheldon - Director

1.	STATUTORY INFORMATION

Innovestech 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Equipment - 25% Straight line

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

18,742

Additions

185

At 31 January 2023

18,927

DEPRECIATION

At 1 February 2022

6,753

Charge for year

4,685

At 31 January 2023

11,438

NET BOOK VALUE

At 31 January 2023

7,489

At 31 January 2022

11,989

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

6,176

-

Other debtors

127,264

52,358

133,440

52,358

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

5,222

5,222

Taxation and social security

48,866

12,381

Other creditors

37,374

4,260

91,462

21,863

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

35,613

40,835

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 31 January 2023 the director owed the company £95,151 (2022: £52,358). Interest at 2.5% per annum is payable on this balance, is repayable on demand and included within other debtors.