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REGISTERED NUMBER: 10059207 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

INNOVO ENERGY LIMITED

INNOVO ENERGY LIMITED (REGISTERED NUMBER: 10059207)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


INNOVO ENERGY LIMITED (REGISTERED NUMBER: 10059207)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 321,898 232,261

CURRENT ASSETS
Stocks 29,628 31,281
Debtors 5 559,147 420,203
Cash at bank 927,219 580,071
1,515,994 1,031,555
CREDITORS
Amounts falling due within one year 6 1,096,383 623,003
NET CURRENT ASSETS 419,611 408,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

741,509

640,813

CREDITORS
Amounts falling due after more than one
year

7

(95,079

)

(130,043

)

PROVISIONS FOR LIABILITIES (80,000 ) (58,000 )
NET ASSETS 566,430 452,770

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 566,330 452,670
SHAREHOLDERS' FUNDS 566,430 452,770

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INNOVO ENERGY LIMITED (REGISTERED NUMBER: 10059207)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 August 2024 and were signed by:





M Bridgens - Director


INNOVO ENERGY LIMITED (REGISTERED NUMBER: 10059207)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Innovo Energy Limited is a private company, limited by shares, registered in England and Wales, registered number 10059207. Its registered office is Digital House, Stourport Road, Kidderminster, Worcestershire, DY11 7QH.

The financial statements are presented in Sterling, which is the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance, 20% on reducing balance and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

INNOVO ENERGY LIMITED (REGISTERED NUMBER: 10059207)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic financial liabilities, including trade and other debtors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 300,699
Additions 155,167
Disposals (7,134 )
At 31 March 2024 448,732
DEPRECIATION
At 1 April 2023 68,438
Charge for year 64,883
Eliminated on disposal (6,487 )
At 31 March 2024 126,834
NET BOOK VALUE
At 31 March 2024 321,898
At 31 March 2023 232,261

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 531,311 406,653
Amounts owed by group undertakings - 2,050
Other debtors 27,836 11,500
559,147 420,203

INNOVO ENERGY LIMITED (REGISTERED NUMBER: 10059207)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 24,683 24,750
Trade creditors 931,247 455,248
Amounts owed to group undertakings 600 -
Taxation and social security 88,720 111,701
Other creditors 41,133 21,304
1,096,383 623,003

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 11,667 22,500
Hire purchase contracts (see note 8) 83,412 107,543
95,079 130,043

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 24,683 24,750
Between one and five years 83,412 107,543
108,095 132,293

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 27,500 -
Between one and five years 38,958 -
66,458 -

INNOVO ENERGY LIMITED (REGISTERED NUMBER: 10059207)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 108,095 132,293

Hire purchase liabilities are secured against the assets acquired.