2023-06-012024-05-312024-05-31false11384244INNOQUO 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INNOQUO LTD

Registered Number
11384244
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

INNOQUO LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

Lilian Gun May Ling

Registered Address

261 Chiswick High Road
London
W4 4PU

Registered Number

11384244 (England and Wales)
INNOQUO LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets8,00010,000
Tangible assets312,71114,867
20,71124,867
Current assets
Debtors421,00023,122
Cash at bank and on hand73,41836,910
94,41860,032
Creditors amounts falling due within one year5(155,437)(187,463)
Net current assets (liabilities)(61,019)(127,431)
Total assets less current liabilities(40,308)(102,564)
Creditors amounts falling due after one year6(3,791)(7,537)
Net assets(44,099)(110,101)
Capital and reserves
Called up share capital100100
Profit and loss account(44,199)(110,201)
Shareholders' funds(44,099)(110,101)
The financial statements were approved and authorised for issue by the Director on 1 August 2024, and are signed on its behalf by:
Lilian Gun May Ling
Director
Registered Company No. 11384244
INNOQUO LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The accounts have been prepared on a going concern basis which assumes the continued support of the company’s creditors. Should this support be withdrawn and not replaced by alternative finance, the company would be unable to continue trading. Adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Current taxation
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
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.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Land and buildings15
Fixtures and fittings25
Office Equipment25
2.Average number of employees

20242023
Average number of employees during the year1612
3.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 June 2327,2817,15077135,202
Additions-359-359
At 31 May 2427,2817,50977135,561
Depreciation and impairment
At 01 June 2314,9994,86547120,335
Charge for year1,842597762,515
At 31 May 2416,8415,46254722,850
Net book value
At 31 May 2410,4402,04722412,711
At 31 May 2312,2822,28530014,867
4.Debtors: amounts due within one year

2024

2023

££
Other debtors21,00023,122
Total21,00023,122
5.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts3,9933,993
Taxation and social security15,80312,018
Other creditors135,641164,863
Accrued liabilities and deferred income-6,589
Total155,437187,463
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.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts3,7917,537
Total3,7917,537
7.Directors advances, credits and guarantees
At the year-end, the amount due to Director Lilian Gun May Ling was 2024: £130,480 (2023: £.164,710).