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Registration number: SC708709

INNOTECH SHIPPING LTD

Unaudited Filleted Financial Statements

for the Period from 6 September 2021 to 29 September 2022

 

INNOTECH SHIPPING LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

INNOTECH SHIPPING LTD

Company Information

Director

Jamal Ghotbzadeh

Registered office

272 Bath Street
Glasgow
G2 4JR

Accountants

Clever Accounts Limited
Brookfield Court
Selby Road
Leeds
LS25 1NB

 

INNOTECH SHIPPING LTD

(Registration number: SC708709)
Balance Sheet as at 29 September 2022

Note

2022
£

Fixed assets

 

Intangible assets

4

22,102

Current assets

 

Debtors

1

Cash at bank and in hand

 

21,530

 

21,531

Creditors: Amounts falling due within one year

(7,756)

Net current assets

 

13,775

Net assets

 

35,877

Capital and reserves

 

Called up share capital

5

1

Retained earnings

35,876

Shareholders' funds

 

35,877

For the financial period ending 29 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

INNOTECH SHIPPING LTD

(Registration number: SC708709)
Balance Sheet as at 29 September 2022

Approved and authorised by the director on 29 August 2023
 

.........................................

Jamal Ghotbzadeh
Director

 

INNOTECH SHIPPING LTD

Notes to the Unaudited Financial Statements for the Period from 6 September 2021 to 29 September 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
272 Bath Street
Glasgow
G2 4JR

These financial statements were authorised for issue by the director on 29 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

INNOTECH SHIPPING LTD

Notes to the Unaudited Financial Statements for the Period from 6 September 2021 to 29 September 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

INNOTECH SHIPPING LTD

Notes to the Unaudited Financial Statements for the Period from 6 September 2021 to 29 September 2022

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

22,102

22,102

At 29 September 2022

22,102

22,102

Amortisation

Carrying amount

At 29 September 2022

22,102

22,102

5

Share capital

Allotted, called up and fully paid shares

 

2022

 

No.

£

Ordinary GBP of £1 each

1

1