Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2No description of principal activity2022-04-01false2falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11895205 2022-04-01 2023-03-31 11895205 2021-04-01 2022-03-31 11895205 2023-03-31 11895205 2022-03-31 11895205 c:Director1 2022-04-01 2023-03-31 11895205 c:RegisteredOffice 2022-04-01 2023-03-31 11895205 d:OfficeEquipment 2022-04-01 2023-03-31 11895205 d:OfficeEquipment 2023-03-31 11895205 d:OfficeEquipment 2022-03-31 11895205 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11895205 d:ComputerEquipment 2022-04-01 2023-03-31 11895205 d:ComputerEquipment 2023-03-31 11895205 d:ComputerEquipment 2022-03-31 11895205 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11895205 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11895205 d:CurrentFinancialInstruments 2023-03-31 11895205 d:CurrentFinancialInstruments 2022-03-31 11895205 d:Non-currentFinancialInstruments 2023-03-31 11895205 d:Non-currentFinancialInstruments 2022-03-31 11895205 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11895205 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11895205 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11895205 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 11895205 d:ShareCapital 2023-03-31 11895205 d:ShareCapital 2022-03-31 11895205 d:RetainedEarningsAccumulatedLosses 2023-03-31 11895205 d:RetainedEarningsAccumulatedLosses 2022-03-31 11895205 c:FRS102 2022-04-01 2023-03-31 11895205 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11895205 c:FullAccounts 2022-04-01 2023-03-31 11895205 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11895205 d:WithinOneYear 2023-03-31 11895205 d:WithinOneYear 2022-03-31 11895205 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Company registration number: 11895205







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


INOVOTEK SOLUTIONS LTD






































                          

 


INOVOTEK SOLUTIONS LTD
 


 
COMPANY INFORMATION


Director
K Ait Yahia 




Registered number
11895205



Registered office
Dawson House
5 Jewry Street

London

England

EC3N 2EX




Accountants
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


INOVOTEK SOLUTIONS LTD
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6


 


INOVOTEK SOLUTIONS LTD
REGISTERED NUMBER:11895205



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,133
566

  
3,133
566

Current assets
  

Debtors: amounts falling due within one year
 5 
882,755
877,687

Cash at bank and in hand
  
6,213
53,888

  
888,968
931,575

Creditors: amounts falling due within one year
 6 
(804,014)
(785,154)

Net current assets
  
 
 
84,954
 
 
146,421

Total assets less current liabilities
  
88,087
146,987

Creditors: amounts falling due after more than one year
 7 
(30,001)
(50,000)

  

Net assets
  
58,086
96,987

Page 1

 


INOVOTEK SOLUTIONS LTD
REGISTERED NUMBER:11895205


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
£
£

Capital and reserves
  

Allotted, called up, and fully paid share capital
  
1
1

Profit and loss account
  
58,085
96,986

  
58,086
96,987


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




K Ait Yahia
Director

Date: 11 October 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


INOVOTEK SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Inovotek Solutions Ltd is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is derived from consultancy services and is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 3

 


INOVOTEK SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 


INOVOTEK SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
599
1,099
1,698


Additions
1,130
2,003
3,133



At 31 March 2023

1,729
3,102
4,831



Depreciation


At 1 April 2022
399
733
1,132


Charge for the year on owned assets
200
366
566



At 31 March 2023

599
1,099
1,698



Net book value



At 31 March 2023
1,130
2,003
3,133



At 31 March 2022
200
366
566


5.


Debtors

2023
2022
£
£


Trade debtors
709,064
764,237

Other debtors
62,699
110,000

Prepayments and accrued income
110,992
3,450

882,755
877,687


Page 5

 


INOVOTEK SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
4,922
-

Bank loans
10,000
-

Trade creditors
543,739
497,758

Corporation tax
61,245
46,705

Other taxation and social security
7,918
24,526

Other creditors
111,969
92,865

Accruals and deferred income
64,221
123,300

804,014
785,154


Included in other creditors are balances of £110,348 (2022 - £92,865) which are subject to legal charge.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
30,001
50,000

30,001
50,000



8.


Commitments under operating leases

At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
10,500
-

10,500
-

 
Page 6