2023-07-012024-06-302024-06-30false10215574Innova Technology Services 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Innova Technology Services Limited

Registered Number
10215574
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

Innova Technology Services Limited
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

Mr J Captainino
Miss SF Flatt
Mr MC Hamilton

Registered Address

1 Billing Road
Northampton
NN1 5AL

Place of Business

Riverbank House

1 Putney Bridge Approach

London

SW6 3JD


Registered Number

10215574 (England and Wales)
Innova Technology Services Limited
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,1532,758
2,1532,758
Current assets
Debtors4434,265425,591
Cash at bank and on hand357,718477,908
791,983903,499
Creditors amounts falling due within one year5(481,947)(434,838)
Net current assets (liabilities)310,036468,661
Total assets less current liabilities312,189471,419
Creditors amounts falling due after one year6(37,133)(40,000)
Provisions for liabilities7(538)(689)
Net assets274,518430,730
Capital and reserves
Called up share capital5774
Share premium19,98419,984
Other reserves4326
Profit and loss account254,434410,646
Shareholders' funds274,518430,730
The financial statements were approved and authorised for issue by the Board of Directors on 23 August 2024, and are signed on its behalf by:
Mr J Captainino
Director
Registered Company No. 10215574
Innova Technology Services Limited
Notes to the Financial Statements
for the year ended 30 June 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 accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
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 in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment25
2.Average number of employees

20242023
Average number of employees during the year45
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 July 2341,75341,753
Additions1,1151,115
At 30 June 2442,86842,868
Depreciation and impairment
At 01 July 2338,99538,995
Charge for year1,7201,720
At 30 June 2440,71540,715
Net book value
At 30 June 242,1532,153
At 30 June 232,7582,758
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables378,318395,426
Other debtors-3,067
Prepayments and accrued income55,94727,098
Total434,265425,591
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables167,338230,226
Bank borrowings and overdrafts9,13110,000
Taxation and social security209,001144,831
Other creditors70,35711,589
Accrued liabilities and deferred income26,12038,192
Total481,947434,838
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts37,13340,000
Total37,13340,000
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)538689
Total538689