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REGISTERED NUMBER: 12603301 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Innovationnw Ltd

Innovationnw Ltd (Registered number: 12603301)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Innovationnw Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTOR: Mrs K Mares





REGISTERED OFFICE: 2 Cranberry Fold Court
Darwen
BB3 2HX





REGISTERED NUMBER: 12603301 (England and Wales)





ACCOUNTANTS: Account-Angels (North West) Limited
Uglow Farm
Broadhead Road
Edgworth
Bolton
BL7 0JN

Innovationnw Ltd (Registered number: 12603301)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,782 4,384

CURRENT ASSETS
Stocks 3,742 9,947
Debtors 5 6,198 25,022
Cash at bank and in hand 27,294 4,790
37,234 39,759
CREDITORS
Amounts falling due within one year 6 48,646 43,640
NET CURRENT LIABILITIES (11,412 ) (3,881 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,370

503

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,368 501
SHAREHOLDERS' FUNDS 2,370 503

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

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

The director acknowledges her 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.

Innovationnw Ltd (Registered number: 12603301)

Balance Sheet - continued
31 May 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 July 2024 and were signed by:





Mrs K Mares - Director


Innovationnw Ltd (Registered number: 12603301)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Innovationnw Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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 Income Statement, 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.

Innovationnw Ltd (Registered number: 12603301)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 182 13,000 526 13,708
Additions - 14,000 - 14,000
At 31 May 2024 182 27,000 526 27,708
DEPRECIATION
At 1 June 2023 36 8,938 350 9,324
Charge for year 29 4,515 58 4,602
At 31 May 2024 65 13,453 408 13,926
NET BOOK VALUE
At 31 May 2024 117 13,547 118 13,782
At 31 May 2023 146 4,062 176 4,384

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 5,603 12,127
Other debtors 595 12,895
6,198 25,022

Innovationnw Ltd (Registered number: 12603301)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 1,574 7,420
Taxation and social security 14,181 -
Other creditors 32,891 36,220
48,646 43,640