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Registered number: 04546281
Inov8 Homes Ltd
Unaudited Financial Statements
For The Year Ended 29 September 2023
Malcolm Horton & Co
57 Windmill Street
Gravesend
Kent
DA12 1BB
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 04546281
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 122 701
122 701
CURRENT ASSETS
Stocks 5 599,134 599,134
Debtors 6 115,750 17,547
714,884 616,681
Creditors: Amounts Falling Due Within One Year 7 (754,598 ) (645,276 )
NET CURRENT ASSETS (LIABILITIES) (39,714 ) (28,595 )
TOTAL ASSETS LESS CURRENT LIABILITIES (39,592 ) (27,894 )
NET LIABILITIES (39,592 ) (27,894 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (39,593 ) (27,895 )
SHAREHOLDERS' FUNDS (39,592) (27,894)
Page 1
Page 2
For the year ending 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L J Woollends
Director
26th March 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Inov8 Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04546281 . The registered office is 57 Windmill Street, Gravesend, Kent, DA12 1BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on straight line basis
Computer Equipment 33.33% straight line basis
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 30 September 2022 487 1,374 1,861
As at 29 September 2023 487 1,374 1,861
Depreciation
As at 30 September 2022 244 916 1,160
Provided during the period 121 458 579
As at 29 September 2023 365 1,374 1,739
...CONTINUED
Page 3
Page 4
Net Book Value
As at 29 September 2023 122 - 122
As at 30 September 2022 243 458 701
5. Stocks
2023 2022
£ £
Stock 357,739 357,739
Work in progress 241,395 241,395
599,134 599,134
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 115,750 17,547
115,750 17,547
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 21,676 21,674
Bank loans and overdrafts 95 5
Amounts owed to group undertakings 276,943 276,943
Other creditors 443,273 335,270
Taxation and social security 12,611 11,384
754,598 645,276
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Page 4