Company registration number 12570992 (England and Wales)
INNOVAST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INNOVAST LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INNOVAST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
4,559
Current assets
Debtors
5
39,486
225,400
Cash at bank and in hand
94,472
218,974
133,958
444,374
Creditors: amounts falling due within one year
6
(133,858)
(281,303)
Net current assets
100
163,071
Net assets
100
167,630
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
-
0
167,530
Total equity
100
167,630

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
Mr T J Parsons
Director
Company registration number 12570992 (England and Wales)
INNOVAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Innovast Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Arkwright Road, Reading, Berkshire, England, RG2 0LU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the company.

1.2
Going concern

The going concern basis is not appropriate for these financial statements and as such they have been prepared on a basis other than gong concern. Under this basis, all assets and liabilities are restated to their fair value and are held as current. true

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discount, rebates, value added tax and other sales taxes.

1.4
Expenses

Expenses incurred have been recognised on an accruals basis.

 

Expenditure on research and development is charged to the profit and loss account in the period in which it is incurred.

1.5
Tangible fixed assets

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

Computers
25% on cost
1.6
Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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

INNOVAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, 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 financed at a rate of interest that is not a market rate or incase of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

 

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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

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.

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.

1.9
Foreign exchange

Monetary assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

INNOVAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10

Creditors

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

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. No material judgements or estimates were required in the financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
7
4
Tangible fixed assets
Computers
£
Cost
At 1 January 2023
6,218
Additions
3,195
Disposals
(9,413)
At 31 December 2023
-
0
Depreciation
At 1 January 2023
1,659
Eliminated in respect of disposals
(1,659)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
4,559
INNOVAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
37,018
25,300
Amounts owed by group undertakings
2,468
90,646
Other debtors
-
0
109,454
39,486
225,400
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
18,247
Amounts owed to group undertakings
54,078
522
Corporation tax
18,168
126,299
Other taxation and social security
28,656
27,871
Accruals and deferred income
32,956
108,364
133,858
281,303
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Neil Jones
Statutory Auditor:
Henton & Co LLP
Date of audit report:
26 July 2024
9
Parent company

ATW Holdings Limited, registered office 11 Arkwright Road, Reading, Berkshire RG2 0LU, is the ultimate parent company. The parent undertaking of the smallest and largest group in which the results of the Company are consolidated is ATW Holdings Limited. The consolidated financial statements for ATW Holdings Limited may be obtained from Companies House.

 

The directors do not consider there to be an ultimate controlling party.

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