Company Registration No. 06959535 (England and Wales)
Invotra Shared Services Limited
Unaudited accounts
for the year ended 31 October 2023
Invotra Shared Services Limited
Unaudited accounts
Contents
Invotra Shared Services Limited
Company Information
for the year ended 31 October 2023
Directors
A M Galvin
G R Seddon
Company Number
06959535 (England and Wales)
Registered Office
First Floor
129 High Street
Guildford
Surrey
GU1 3AA
United Kingdom
Invotra Shared Services Limited
Statement of financial position
as at 31 October 2023
Tangible assets
66,348
62,759
Debtors
4,182,910
2,869,405
Cash at bank and in hand
183,151
77,414
Creditors: amounts falling due within one year
(4,143,214)
(2,709,220)
Net current assets
222,847
237,599
Total assets less current liabilities
289,195
300,358
Creditors: amounts falling due after more than one year
(15,833)
(25,833)
Net assets
273,362
274,525
Called up share capital
100
100
Capital contribution reserve
500,000
500,000
Profit and loss account
(226,738)
(225,575)
Shareholders' funds
273,362
274,525
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by
G R Seddon
Director
Company Registration No. 06959535
Invotra Shared Services Limited
Notes to the Accounts
for the year ended 31 October 2023
Invotra Shared Services Limited is a private company, limited by shares, registered in England and Wales, registration number 06959535. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% straight line
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Invotra Shared Services Limited
Notes to the Accounts
for the year ended 31 October 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's intangible fixed assets and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 5)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Intangible fixed assets
Other
At 1 November 2022
740,000
At 31 October 2023
740,000
At 1 November 2022
740,000
At 31 October 2023
740,000
Invotra Shared Services Limited
Notes to the Accounts
for the year ended 31 October 2023
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
24,000
23,145
68,472
115,617
Additions
18,900
830
2,700
22,430
At 31 October 2023
42,900
23,975
70,705
137,580
At 1 November 2022
600
4,803
47,455
52,858
Charge for the year
8,265
4,784
5,607
18,656
On disposals
-
-
(282)
(282)
At 31 October 2023
8,865
9,587
52,780
71,232
At 31 October 2023
34,035
14,388
17,925
66,348
At 31 October 2022
23,400
18,342
21,017
62,759
Amounts falling due within one year
Trade debtors
166,085
217,677
Amounts due from group undertakings etc.
3,985,191
2,589,166
Accrued income and prepayments
27,841
15,799
Other debtors
3,793
46,763
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
182,405
162,651
Trade creditors
197,136
231,703
Amounts owed to group undertakings and other participating interests
3,716,634
2,276,533
Taxes and social security
3,197
4,724
Other creditors
2,357
4,498
8
Creditors: amounts falling due after more than one year
2023
2022
The immediate parent and controlling party of the company is Inv Group Holdings Limited, a company registered in England and Wales. Its registered office address is the same as that of this company, which is shown on the company information page.
Invotra Shared Services Limited
Notes to the Accounts
for the year ended 31 October 2023
10
Average number of employees
During the year the average number of employees was 7 (2022: 9).