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REGISTERED NUMBER: 09744215 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2023

FOR

INNOVATIONWORKS SYSTEMS LTD

INNOVATIONWORKS SYSTEMS LTD (REGISTERED NUMBER: 09744215)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


INNOVATIONWORKS SYSTEMS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2023







DIRECTORS: Prof. V Lappas
Mrs E Brouzaki



REGISTERED OFFICE: c/o Michael Heaven & Associates Limited
47 Calthorpe Road
Edgbaston
BIRMINGHAM
West Midlands
B15 1TH



REGISTERED NUMBER: 09744215 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH



INCORPORATED: 21 August 2015







INNOVATIONWORKS SYSTEMS LTD (REGISTERED NUMBER: 09744215)

ABRIDGED BALANCE SHEET
31ST AUGUST 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 20,787 20,074

CREDITORS
Amounts falling due within one year 9,971 20,062
NET CURRENT ASSETS 10,816 12
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,816

12

CAPITAL AND RESERVES
Called up share capital 5 10 10
Retained earnings 10,806 2
SHAREHOLDERS' FUNDS 10,816 12

INNOVATIONWORKS SYSTEMS LTD (REGISTERED NUMBER: 09744215)

ABRIDGED BALANCE SHEET - continued
31ST AUGUST 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st February 2024 and were signed on its behalf by:





Prof. V Lappas - Director


INNOVATIONWORKS SYSTEMS LTD (REGISTERED NUMBER: 09744215)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023


1. STATUTORY INFORMATION

Innovationworks Systems Ltd 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 represents the sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Computer equipment - 25% straight line

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable, payable and loans from related parties.

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.


INNOVATIONWORKS SYSTEMS LTD (REGISTERED NUMBER: 09744215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Provisions for liabilities
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

INNOVATIONWORKS SYSTEMS LTD (REGISTERED NUMBER: 09744215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st September 2022
and 31st August 2023 1,667
DEPRECIATION
At 1st September 2022
and 31st August 2023 1,667
NET BOOK VALUE
At 31st August 2023 -
At 31st August 2022 -

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
6 Ordinary A £1 6 6
4 Ordinary B £1 4 4
10 10

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st August 2023 and 31st August 2022:

2023 2022
£    £   
Prof. V Lappas and Mrs E Brouzaki
Balance outstanding at start of year 13,954 17,482
Amounts advanced 42,853 55,984
Amounts repaid (57,308 ) (59,512 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (501 ) 13,954