IRIS Accounts Production v22.1.4.3 07977942 director 1.1.21 31.12.21 31.12.21 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure079779422020-12-31079779422021-12-31079779422021-01-012021-12-31079779422019-12-31079779422020-01-012020-12-31079779422020-12-3107977942ns16:EnglandWales2021-01-012021-12-3107977942ns15:PoundSterling2021-01-012021-12-3107977942ns11:Director12021-01-012021-12-3107977942ns11:PrivateLimitedCompanyLtd2021-01-012021-12-3107977942ns11:SmallEntities2021-01-012021-12-3107977942ns11:AuditExempt-NoAccountantsReport2021-01-012021-12-3107977942ns11:SmallCompaniesRegimeForDirectorsReport2021-01-012021-12-3107977942ns11:SmallCompaniesRegimeForAccounts2021-01-012021-12-3107977942ns11:FullAccounts2021-01-012021-12-3107977942ns11:RegisteredOffice2021-01-012021-12-3107977942ns6:CurrentFinancialInstruments2021-12-3107977942ns6:CurrentFinancialInstruments2020-12-3107977942ns6:Non-currentFinancialInstruments2021-12-3107977942ns6:Non-currentFinancialInstruments2020-12-3107977942ns6:ShareCapital2021-12-3107977942ns6:ShareCapital2020-12-3107977942ns6:RetainedEarningsAccumulatedLosses2021-12-3107977942ns6:RetainedEarningsAccumulatedLosses2020-12-3107977942ns6:ShortLeaseholdAssetsns6:LandBuildings2021-01-012021-12-3107977942ns6:FurnitureFittings2021-01-012021-12-3107977942ns6:ComputerEquipment2021-01-012021-12-3107977942ns6:ShortLeaseholdAssetsns6:LandBuildings2020-12-3107977942ns6:FurnitureFittings2020-12-3107977942ns6:ComputerEquipment2020-12-3107977942ns6:ShortLeaseholdAssetsns6:LandBuildings2021-12-3107977942ns6:FurnitureFittings2021-12-3107977942ns6:ComputerEquipment2021-12-3107977942ns6:ShortLeaseholdAssetsns6:LandBuildings2020-12-3107977942ns6:FurnitureFittings2020-12-3107977942ns6:ComputerEquipment2020-12-3107977942ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3107977942ns6:WithinOneYearns6:CurrentFinancialInstruments2020-12-3107977942ns6:WithinOneYear2021-12-3107977942ns6:WithinOneYear2020-12-3107977942ns6:BetweenOneFiveYears2021-12-3107977942ns6:BetweenOneFiveYears2020-12-3107977942ns6:AllPeriods2021-12-3107977942ns6:AllPeriods2020-12-31
REGISTERED NUMBER: 07977942 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

INNOVA ENGINEERING LIMITED

INNOVA ENGINEERING LIMITED (REGISTERED NUMBER: 07977942)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INNOVA ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: A R Thomson





REGISTERED OFFICE: The Old Rectory
School Lane
Quedgeley
GLOUCESTER
GL2 4PN





REGISTERED NUMBER: 07977942 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
4th Floor
St James House
St James Square
Cheltenham
Gloucestershire
GL50 3PR

INNOVA ENGINEERING LIMITED (REGISTERED NUMBER: 07977942)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

2021 2020
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 88,335 111,082

CURRENT ASSETS
Inventories 73,459 77,690
Debtors 5 70,313 50,319
Cash at bank and in hand 388,211 293,143
531,983 421,152
CREDITORS
Amounts falling due within one year 6 (91,440 ) (28,673 )
NET CURRENT ASSETS 440,543 392,479
TOTAL ASSETS LESS CURRENT
LIABILITIES

528,878

503,561

CREDITORS
Amounts falling due after more than
one year

7

-

(45,292

)

PROVISIONS FOR LIABILITIES (22,083 ) (21,105 )
NET ASSETS 506,795 437,164

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 506,790 437,159
SHAREHOLDERS' FUNDS 506,795 437,164

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 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.

INNOVA ENGINEERING LIMITED (REGISTERED NUMBER: 07977942)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2021


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 September 2022 and were signed by:





A R Thomson - Director


INNOVA ENGINEERING LIMITED (REGISTERED NUMBER: 07977942)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Innova Engineering 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 comprises of the invoiced value of goods and services supplied by the company, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - at variable rates on reducing balance

Stocks
Inventories 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 Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

INNOVA ENGINEERING LIMITED (REGISTERED NUMBER: 07977942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Leasehold and Computer
improvements fittings equipment Totals
£    £    £    £   
COST
At 1 January 2021 10,720 27,765 189,376 227,861
Additions - - 2,921 2,921
At 31 December 2021 10,720 27,765 192,297 230,782
DEPRECIATION
At 1 January 2021 2,144 11,238 103,397 116,779
Charge for year 1,072 4,132 20,464 25,668
At 31 December 2021 3,216 15,370 123,861 142,447
NET BOOK VALUE
At 31 December 2021 7,504 12,395 68,436 88,335
At 31 December 2020 8,576 16,527 85,979 111,082

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 21,936 22,855
Other debtors 48,377 27,464
70,313 50,319

INNOVA ENGINEERING LIMITED (REGISTERED NUMBER: 07977942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts - 4,708
Trade creditors 41,023 9,127
Taxation and social security 47,380 12,106
Other creditors 3,037 2,732
91,440 28,673

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2021 2020
£    £   
Bank loans - 45,292

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 3,244 19,465
Between one and five years - 3,244
3,244 22,709