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REGISTERED NUMBER: 06885071 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2023

FOR

INNOVATION SUPPLIES LIMITED

INNOVATION SUPPLIES LIMITED (REGISTERED NUMBER: 06885071)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INNOVATION SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTOR: P Kirby





SECRETARY: Mrs L Kirby





REGISTERED OFFICE: 12 Sycamore Close
Maplewood Avenue
Hull
East Yorkshire
HU5 5FD





REGISTERED NUMBER: 06885071 (England and Wales)





ACCOUNTANTS: Flemingate - Accountancy and Taxation
1 Village Courtyard
High Street
Holme on Spalding Moor
York
North Yorkshire
YO43 4AA

INNOVATION SUPPLIES LIMITED (REGISTERED NUMBER: 06885071)

BALANCE SHEET
30TH APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,873 9,589

CURRENT ASSETS
Stocks 33,440 28,440
Debtors 5 46,128 54,137
79,568 82,577
CREDITORS
Amounts falling due within one year 6 45,628 39,641
NET CURRENT ASSETS 33,940 42,936
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,813

52,525

CREDITORS
Amounts falling due after more than one
year

7

(37,238

)

(46,708

)

PROVISIONS FOR LIABILITIES (1,496 ) (1,822 )
NET ASSETS 3,079 3,995

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,979 3,895
SHAREHOLDERS' FUNDS 3,079 3,995

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2023 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.

INNOVATION SUPPLIES LIMITED (REGISTERED NUMBER: 06885071)

BALANCE SHEET - continued
30TH APRIL 2023


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 15th July 2023 and were signed by:





P Kirby - Director


INNOVATION SUPPLIES LIMITED (REGISTERED NUMBER: 06885071)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023

1. STATUTORY INFORMATION

Innovation Supplies 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 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.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks 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 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 2 (2022 - 2 ) .

INNOVATION SUPPLIES LIMITED (REGISTERED NUMBER: 06885071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st May 2022
and 30th April 2023 10,758 10,550 21,308
DEPRECIATION
At 1st May 2022 3,945 7,774 11,719
Charge for year 1,022 694 1,716
At 30th April 2023 4,967 8,468 13,435
NET BOOK VALUE
At 30th April 2023 5,791 2,082 7,873
At 30th April 2022 6,813 2,776 9,589

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 43,293 49,138
Prepayments 2,835 4,999
46,128 54,137

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 17,324 10,964
Tax 7,472 4,774
VAT 18,792 20,663
Directors' current accounts 240 1,440
Accrued expenses 1,800 1,800
45,628 39,641

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Bank loans - 1-2 years 37,238 46,708

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Throughout the course of the period the company transacted with the director's by way of an interest free loan accounts.

Mr P Kirby and Mrs L Kirby

At the start of the year the directors were owed £ 1440 and during the year the directors introduced funds of £ 14,500 and withdrew amounts of £ 15,700. The balance owing to the directors at the balance sheet date was £ 240.

INNOVATION SUPPLIES LIMITED (REGISTERED NUMBER: 06885071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the director's who own 100% of the issued share capital.