Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31281Manufacture of paper and paperboardfalse282022-04-0130falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04772996 2022-04-01 2023-03-31 04772996 2021-04-01 2022-03-31 04772996 2023-03-31 04772996 2022-03-31 04772996 c:Director2 2022-04-01 2023-03-31 04772996 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 04772996 d:Buildings d:LongLeaseholdAssets 2023-03-31 04772996 d:Buildings d:LongLeaseholdAssets 2022-03-31 04772996 d:MotorVehicles 2022-04-01 2023-03-31 04772996 d:MotorVehicles 2023-03-31 04772996 d:MotorVehicles 2022-03-31 04772996 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04772996 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04772996 d:FurnitureFittings 2022-04-01 2023-03-31 04772996 d:FurnitureFittings 2023-03-31 04772996 d:FurnitureFittings 2022-03-31 04772996 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04772996 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04772996 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04772996 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04772996 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 04772996 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 04772996 d:Goodwill 2023-03-31 04772996 d:Goodwill 2022-03-31 04772996 d:CurrentFinancialInstruments 2023-03-31 04772996 d:CurrentFinancialInstruments 2022-03-31 04772996 d:Non-currentFinancialInstruments 2023-03-31 04772996 d:Non-currentFinancialInstruments 2022-03-31 04772996 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04772996 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04772996 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04772996 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 04772996 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 04772996 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 04772996 d:ShareCapital 2023-03-31 04772996 d:ShareCapital 2022-03-31 04772996 d:RetainedEarningsAccumulatedLosses 2023-03-31 04772996 d:RetainedEarningsAccumulatedLosses 2022-03-31 04772996 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 04772996 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 04772996 c:FRS102 2022-04-01 2023-03-31 04772996 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04772996 c:FullAccounts 2022-04-01 2023-03-31 04772996 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04772996 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04772996 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 04772996 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-03-31 04772996 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-03-31 04772996 d:LeasedAssetsHeldAsLessee 2023-03-31 04772996 d:LeasedAssetsHeldAsLessee 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 04772996









INNOVA ART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
INNOVA ART LIMITED
REGISTERED NUMBER: 04772996

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
176,898
141,009

  
176,898
141,009

Current assets
  

Stocks
  
2,801,873
2,734,128

Debtors: amounts falling due within one year
 6 
2,593,702
2,913,734

Cash at bank and in hand
 7 
210,653
277,524

  
5,606,228
5,925,386

Creditors: amounts falling due within one year
 8 
(2,073,948)
(2,268,116)

Net current assets
  
 
 
3,532,280
 
 
3,657,270

Total assets less current liabilities
  
3,709,178
3,798,279

Creditors: amounts falling due after more than one year
 9 
(18,645)
(220,153)

Provisions for liabilities
  

Deferred tax
 12 
(31,820)
(20,935)

  
 
 
(31,820)
 
 
(20,935)

Net assets
  
3,658,713
3,557,191

Page 1

 
INNOVA ART LIMITED
REGISTERED NUMBER: 04772996
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,658,613
3,557,091

  
3,658,713
3,557,191


The directors consider 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 directors acknowledge their 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 comprehensive income 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 on 17 November 2023.




M Ramos Gonzalez
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Innova Art Limited is a company limited by shares, incorporated in England and Wales.
The principal activity of the company was manufacturer and wholesaler of speciality paper products.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2022 - 28).

Page 7

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Patents
Goodwill
Total

£
£
£



Cost


At 1 April 2022
20,962
15,000
35,962



At 31 March 2023

20,962
15,000
35,962



Amortisation


At 1 April 2022
20,962
15,000
35,962



At 31 March 2023

20,962
15,000
35,962



Net book value



At 31 March 2023
-
-
-



At 31 March 2022
-
-
-



Page 8

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
11,461
45,285
614,564
671,310


Additions
30,701
-
49,132
79,833


Disposals
-
(15,295)
-
(15,295)



At 31 March 2023

42,162
29,990
663,696
735,848



Depreciation


At 1 April 2022
-
19,852
510,449
530,301


Charge for the year on owned assets
281
6,172
31,650
38,103


Charge for the year on financed assets
-
-
4,962
4,962


Disposals
-
(14,416)
-
(14,416)



At 31 March 2023

281
11,608
547,061
558,950



Net book value



At 31 March 2023
41,881
18,382
116,635
176,898



At 31 March 2022
11,461
25,433
104,115
141,009

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Furniture and fittings
14,886
19,848

14,886
19,848


6.


Debtors

2023
2022
£
£


Trade debtors
1,118,469
1,510,335

Amounts owed by joint ventures and associated undertakings
1,404,593
1,019,153
Page 9

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.Debtors (continued)


Other debtors
51,283
373,034

Prepayments and accrued income
19,357
11,212

2,593,702
2,913,734



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
210,652
277,524

Less: bank overdrafts
(158,136)
(246,039)

52,516
31,485



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
158,136
246,039

Bank loans
-
81,776

Trade creditors
710,282
1,448,607

Amounts owed to other participating interests
99,583
299,583

Other taxation and social security
60,170
81,843

Obligations under finance lease and hire purchase contracts
15,912
16,546

Other creditors
987,515
53,907

Accruals and deferred income
42,350
39,815

2,073,948
2,268,116



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
209,891

Net obligations under finance leases and hire purchase contracts
18,645
10,262

18,645
220,153


Page 10

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
81,776


-
81,776


Amounts falling due 2-5 years

Bank loans
-
209,891


-
209,891


-
291,667



11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
210,652
277,524




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


12.


Deferred taxation




2023


£






At beginning of year
(20,935)


Charged to profit or loss
(10,885)



At end of year
(31,820)

Page 11

 
INNOVA ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(31,820)
(20,935)

(31,820)
(20,935)


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £36,565 (2022: £25,801). Contributions totalling £4,798 (2022: £3,907) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

At the balance sheet date the company was owed £380,098 (2022: £1,025,589) by entities under common control.

 
Page 12