IRIS Accounts Production v24.2.0.383 10590498 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh105904982022-12-31105904982023-12-31105904982023-01-012023-12-31105904982021-12-31105904982022-01-012022-12-31105904982022-12-3110590498ns15:EnglandWales2023-01-012023-12-3110590498ns14:PoundSterling2023-01-012023-12-3110590498ns10:Director12023-01-012023-12-3110590498ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3110590498ns10:SmallEntities2023-01-012023-12-3110590498ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3110590498ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3110590498ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110590498ns10:FullAccounts2023-01-012023-12-311059049812023-01-012023-12-3110590498ns10:OrdinaryShareClass12023-01-012023-12-3110590498ns10:Director22023-01-012023-12-3110590498ns10:Director32023-01-012023-12-3110590498ns10:RegisteredOffice2023-01-012023-12-3110590498ns5:CurrentFinancialInstruments2023-12-3110590498ns5:CurrentFinancialInstruments2022-12-3110590498ns5:Non-currentFinancialInstruments2023-12-3110590498ns5:Non-currentFinancialInstruments2022-12-3110590498ns5:ShareCapital2023-12-3110590498ns5:ShareCapital2022-12-3110590498ns5:RetainedEarningsAccumulatedLosses2023-12-3110590498ns5:RetainedEarningsAccumulatedLosses2022-12-3110590498ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110590498ns5:PlantMachinery2023-01-012023-12-3110590498ns5:FurnitureFittings2023-01-012023-12-3110590498ns5:ComputerSoftware2022-12-3110590498ns5:ComputerSoftware2023-01-012023-12-3110590498ns5:ComputerSoftware2023-12-3110590498ns5:ComputerSoftware2022-12-3110590498ns5:PlantMachinery2022-12-3110590498ns5:FurnitureFittings2022-12-3110590498ns5:PlantMachinery2023-12-3110590498ns5:FurnitureFittings2023-12-3110590498ns5:PlantMachinery2022-12-3110590498ns5:FurnitureFittings2022-12-3110590498ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3110590498ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3110590498ns5:Secured2023-12-3110590498ns5:Secured2022-12-3110590498ns5:DeferredTaxation2022-12-3110590498ns5:DeferredTaxation2023-01-012023-12-3110590498ns5:DeferredTaxation2023-12-3110590498ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 10590498 (England and Wales)















INNOVCO TRADING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INNOVCO TRADING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr J. Cohen
Mr S Cohen





REGISTERED OFFICE: 30 Commercial Road
Edmonton
London
N18 1TP





REGISTERED NUMBER: 10590498 (England and Wales)





ACCOUNTANTS: Sinclairs Bartrum Lerner
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 74,300 31,300
Tangible assets 5 157,049 176,517
231,349 207,817

CURRENT ASSETS
Stocks 2,780,724 3,233,214
Debtors 6 230,685 365,279
Cash at bank and in hand 100 2,364
3,011,509 3,600,857
CREDITORS
Amounts falling due within one year 7 1,241,634 1,819,020
NET CURRENT ASSETS 1,769,875 1,781,837
TOTAL ASSETS LESS CURRENT LIABILITIES 2,001,224 1,989,654

CREDITORS
Amounts falling due after more than one year 8 (1,701,000 ) (1,729,826 )

PROVISIONS FOR LIABILITIES 10 (27,846 ) (22,957 )
NET ASSETS 272,378 236,871

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 272,278 236,771
SHAREHOLDERS' FUNDS 272,378 236,871

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2023


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 Board of Directors and authorised for issue on 22nd March 2024 and were signed on its behalf by:





Mr S Cohen - Director


INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Innovco Trading 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment costs.

Computer software is not amortised in these financial statements as had not been brought into use by the balance sheet date.

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 - 20% on reducing balance
Fixtures and fittings - 20% 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st January 2023 31,300
Additions 43,000
At 31st December 2023 74,300
NET BOOK VALUE
At 31st December 2023 74,300
At 31st December 2022 31,300

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1st January 2023 220,150 189,993 410,143
Additions 13,945 - 13,945
At 31st December 2023 234,095 189,993 424,088
DEPRECIATION
At 1st January 2023 105,939 127,687 233,626
Charge for year 20,952 12,461 33,413
At 31st December 2023 126,891 140,148 267,039
NET BOOK VALUE
At 31st December 2023 107,204 49,845 157,049
At 31st December 2022 114,211 62,306 176,517

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 176,782 317,868
Amounts owed by group undertakings 37,374 -
Other debtors 16,529 47,411
230,685 365,279

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 249,544 638,226
Trade creditors 946,244 1,142,947
Taxation and social security 21,510 10,635
Other creditors 24,336 27,212
1,241,634 1,819,020

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 870,000 900,000
Other creditors 831,000 829,826
1,701,000 1,729,826

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 249,544 638,226

Santander Bank UK PLC holds a fixed and floating charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 27,846 22,957

Deferred
tax
£   
Balance at 1st January 2023 22,957
Provided during year 4,889
Balance at 31st December 2023 27,846

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

12. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is The Innovco Group Limited, incorporated in England & Wales. The registered office is 30 Commercial Road, Edmonton, London, United Kingdom, N18 1TP.