Company registration number 03199339 (England and Wales)
INNOFLEX SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INNOFLEX SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
INNOFLEX SYSTEMS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
13,500
18,000
Current assets
Debtors
6
19,851
17,097
Cash at bank and in hand
8,773
8,718
28,624
25,815
Creditors: amounts falling due within one year
7
(82,505)
(112,255)
Net current liabilities
(53,881)
(86,440)
Net liabilities
(40,381)
(68,440)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(40,481)
(68,540)
Total equity
(40,381)
(68,440)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
P Hayman
T Owen
Director
Director
Company registration number 03199339 (England and Wales)
INNOFLEX SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Innoflex Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 High Street, Aylesbury, HP20 1SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
Innoflex Systems Limited is a subsidiary of MAAssist Limited and the results of that company are included in the consolidated financial statements of MAGroup Limited which are available from 66 High Street, Aylesbury, HP20 1SE.
1.2
Going concern
Despite having net liabilities as at the year end, the company has group support and anticipates continued profitability.true
Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable from other group companies in relation to IT systems development, maintenance and support and subscriptions from third parties for software provision as set out in software provision contracts. Turnover is exclusive of Value Added Tax.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10 years straight line
INNOFLEX SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
INNOFLEX SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions 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.
There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,370
2,105
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
INNOFLEX SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
45,000
Amortisation and impairment
At 1 January 2023
27,000
Amortisation charged for the year
4,500
At 31 December 2023
31,500
Carrying amount
At 31 December 2023
13,500
At 31 December 2022
18,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
6,600
1,191
Deferred tax asset
6,626
4,672
13,226
5,863
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
6,625
11,234
Total debtors
19,851
17,097
INNOFLEX SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
444
Amounts owed to group undertakings
78,824
109,353
Taxation and social security
1,341
1,058
Other creditors
2,340
1,400
82,505
112,255
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Simmonds
Statutory Auditor:
UHY Hacker Young
Date of audit report:
2 September 2024
9
Related party transactions
The company is a subsidiary of MAAssist Limited
During the year the company made sales of £12,000 (2022: £12,000) to group companies with minority interests.
As at the year end £Nil (2022: £Nil) was owed by group companies with minority interests.
10
Parent company
The immediate parent company is MAAssist Limited, a company incorporated in England and Wales.
The ultimate parent company is MAGroup Limited, a company incorporated in England and Wales.
The ultimate controlling party is P Hayman who owns a majority of the shares in MAGroup Limited.
The name of the smallest and largest group into which the company is consolidated is MAGroup Limited.