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Registration number: 11503552

Innov@te Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Innov@te Investments Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 9

 

Innov@te Investments Ltd

Company Information

Director

Mr David Alan Dodd

Registered office

Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Innov@te Investments Ltd

Director's Report for the Year Ended 30 November 2023

The director presents his report and the financial statements for the year ended 30 November 2023.

Director of the company

The director who held office during the year was as follows:

Mr David Alan Dodd

Principal activity

The principal activity of the company is letting of own property.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 29 August 2024 and signed on its behalf by:

.........................................
Mr David Alan Dodd
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Innov@te Investments Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Innov@te Investments Ltd for the year ended 30 November 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Innov@te Investments Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Innov@te Investments Ltd and state those matters that we have agreed to state to the Board of Directors of Innov@te Investments Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Innov@te Investments Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Innov@te Investments Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Innov@te Investments Ltd. You consider that Innov@te Investments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Innov@te Investments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

29 August 2024

 

Innov@te Investments Ltd

(Registration number: 11503552)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

651,000

523,000

Current assets

 

Debtors

5

2,577

368

Cash at bank and in hand

 

3,456

7,343

 

6,033

7,711

Creditors: Amounts falling due within one year

6

(112,151)

(76,360)

Net current liabilities

 

(106,118)

(68,649)

Total assets less current liabilities

 

544,882

454,351

Creditors: Amounts falling due after more than one year

6

(464,462)

(373,434)

Provisions for liabilities

(18,323)

-

Net assets

 

62,097

80,917

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

62,096

80,916

Shareholders' funds

 

62,097

80,917

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr David Alan Dodd
Director

 

Innov@te Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

These financial statements were authorised for issue by the director on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Innov@te Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Innov@te Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 December

523,000

Additions

131,130

Fair value adjustments

(3,130)

At 30 November

651,000

The investment properties have been revalued by the director, based on market data.

5

Debtors

2023
£

2022
£

Trade debtors

1,826

233

Prepayments

213

135

Other debtors

538

-

2,577

368

 

Innov@te Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

5,388

5,130

Trade creditors

 

-

1,314

Amounts owed to group undertakings and undertakings in which the company has a participating interest

42,013

40,531

Taxation and social security

 

617

560

Other creditors

 

64,133

28,825

 

112,151

76,360

Due after one year

 

Loans and borrowings

7

464,462

373,434

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

464,462

373,434

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

464,462

373,434

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,388

5,130

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

Innov@te Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Reserves

Note

2023
 £

2022
 £

Distributable reserves

 

7,127

4,494

Non-distributable reserves

 

54,969

76,422

 

62,096

80,916

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £431,918 (2022 - £335,306).

A charge registered 29 February 2020 secures the liability by a mortgage deed in the financial statements over property 5 Royal Oak Grange in the favour of 'Paratus AMC Limited'.

A charge registered 16 July 2020 secures the liability by a mortgage deed in the financial statements over property 66 Grove Road, Nuneaton in the favour of 'The Mortgage Works (UK) PLC'.

A charge registered 20 December 2021 secures the liability by a mortgage deed in the financial statements over property 12 Currane Road in the favour of 'Paragon Bank PLC'.

A charge registered 24 January 2022 secures the liability by a mortgage deed in the financial statements over 66 Grove Road, Nuneaton in the favour of 'Paragon Bank PLC'.

A charge registered 8 February 2022 secures the liability by a mortgage deed in the financial statements over Flat 6 25 Spruce Road in the favour of 'Paragon Bank PLC'.

A charge registered 26 June 2023 secures the liability by a mortgage deed in the financial statements over 3 Weavers Close, Bulkington, Bedworth in the favour of 'Paragon Bank PLC'.

A charge registered 7 May 2024 secures the liability by a mortgage deed in the financial statements over 105 Waterside Road, Wellingborough in the favour of 'Paragon Bank PLC'.