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REGISTERED NUMBER: 06034573 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Innovace Designs Limited

Innovace Designs Limited (Registered number: 06034573)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Innovace Designs Limited

Company Information
for the Year Ended 31 December 2021







DIRECTOR: Dr A C Elliott





REGISTERED OFFICE: White Cedars
2 Rockhouse Road
Alvaston
Derby
DE24 0GD





REGISTERED NUMBER: 06034573 (England and Wales)





ACCOUNTANTS: Bates Weston LLP
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Innovace Designs Limited (Registered number: 06034573)

Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,257 5,030

CURRENT ASSETS
Debtors 5 346,313 50,891
Cash at bank 119,168 350,739
465,481 401,630
CREDITORS
Amounts falling due within one year 6 123,071 113,370
NET CURRENT ASSETS 342,410 288,260
TOTAL ASSETS LESS CURRENT
LIABILITIES

345,667

293,290

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 345,567 293,190
SHAREHOLDERS' FUNDS 345,667 293,290

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 September 2022 and were signed by:





Dr A C Elliott - Director


Innovace Designs Limited (Registered number: 06034573)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Innovace Designs 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 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 represents net sales of services, excluding value added tax. Turnover is recognised in the period in which the services are provided.

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 reducing balance
Computer equipment - 33% on cost

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.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2021 6,074 6,565 12,639
Additions 499 - 499
At 31 December 2021 6,573 6,565 13,138
DEPRECIATION
At 1 January 2021 3,931 3,678 7,609
Charge for year 655 1,617 2,272
At 31 December 2021 4,586 5,295 9,881
NET BOOK VALUE
At 31 December 2021 1,987 1,270 3,257
At 31 December 2020 2,143 2,887 5,030

Innovace Designs Limited (Registered number: 06034573)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 313,990 35,998
Other debtors 9,600 9,600
Director's loan account 17,348 -
Prepayments 5,375 5,293
346,313 50,891

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 14,835 15,149
Tax 37,332 49,348
Social security and other taxes 60,449 36,640
Other creditors 650 373
Director's loan account - 8,810
Accrued expenses 9,805 3,050
123,071 113,370

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 12,000 12,000
Between one and five years 24,000 36,000
36,000 48,000

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Net advances of £17,348 were made to the director during the year. Interest is charged at 2% per annum and the balance is repayable on demand.