Registered number
SC743004
Innova Nanojet Technologies Ltd
Filleted Accounts
31 August 2023
Innova Nanojet Technologies Ltd
Registered number: SC743004
Balance Sheet
as at 31 August 2023
Notes 2023
£
Fixed assets
Intangible assets 3 162,276
Tangible assets 4 33,972
196,248
Current assets
Debtors 5 13,340
Cash at bank and in hand 2,165,124
2,178,464
Creditors: amounts falling due within one year 6 (1,630,851)
Net current assets 547,613
Total assets less current liabilities 743,861
Net assets 743,861
Capital and reserves
Called up share capital 1,000,000
Profit and loss account (256,139)
Shareholders' funds 743,861
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Wang
Director
Approved by the board on 29 January 2024
Innova Nanojet Technologies Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost and will be released to the Profit & Loss when sales are realised.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023
Number
Average number of persons employed by the company 5
3 Intangible fixed assets £
Research & Development:
Cost
Additions 162,276
At 31 August 2023 162,276
Amortisation
At 31 August 2023 -
Net book value
At 31 August 2023 162,276
Research & Development costs have been capitalised in the balance sheet and will be written off to the Profit & Loss when sales attributable to these costs have been realised.
4 Tangible fixed assets
Plant and machinery
£
Cost
Additions 35,519
At 31 August 2023 35,519
Depreciation
Charge for the year 1,547
At 31 August 2023 1,547
Net book value
At 31 August 2023 33,972
5 Debtors 2023
£
Other debtors 13,340
13,340
6 Creditors: amounts falling due within one year 2023
£
Taxation and social security costs 9,253
Other creditors 1,621,598
1,630,851
7 Controlling party
Innova Capital Llc, a company registered in the USA, held a beneficial 94% beneficial interest in the share capital of the company.
8 Other information
Innova Nanojet Technologies Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Inovo Building 121 George Street
Unit 1G
Glasgow
G1 1RD
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