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REGISTERED NUMBER: 10666491 (England and Wales)















THE INNOVCO GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






THE INNOVCO GROUP LIMITED (REGISTERED NUMBER: 10666491)

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 3


THE INNOVCO GROUP LIMITED

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: 10666491 (England and Wales)





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

THE INNOVCO GROUP LIMITED (REGISTERED NUMBER: 10666491)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2,100 2,100
Investment property 5 4,800,000 4,711,457
4,802,100 4,713,557

CURRENT ASSETS
Debtors 6 919,355 949,238
Cash at bank and in hand 11,959 90,787
931,314 1,040,025
CREDITORS
Amounts falling due within one year 7 162,294 131,743
NET CURRENT ASSETS 769,020 908,282
TOTAL ASSETS LESS CURRENT LIABILITIES 5,571,120 5,621,839

CREDITORS
Amounts falling due after more than one year 8 3,100,964 3,194,143
NET ASSETS 2,470,156 2,427,696

CAPITAL AND RESERVES
Called up share capital 10 2,201 2,201
Fair value reserve 2,609,994 2,573,088
Retained earnings (142,039 ) (147,593 )
SHAREHOLDERS' FUNDS 2,470,156 2,427,696

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.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2024 and were signed on its behalf by:



Mr S Cohen - Director


THE INNOVCO GROUP LIMITED (REGISTERED NUMBER: 10666491)

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


1. STATUTORY INFORMATION

The Innovco Group Limited 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.

Preparation of consolidated financial statements
The financial statements contain information about The Innovco Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
The turnover of the company represents rents receivable during the year.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are shown at their fair value. Any adjustment to the fair value of the investment properties is recognised in the Income Statement for the year.

In accordance with FRS 102 section 1A, no depreciation is provided in respect of properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view.

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.

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.

THE INNOVCO GROUP LIMITED (REGISTERED NUMBER: 10666491)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 2,100
NET BOOK VALUE
At 31st December 2023 2,100
At 31st December 2022 2,100

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023 4,711,457
Additions 51,637
Revaluations 36,906
At 31st December 2023 4,800,000
NET BOOK VALUE
At 31st December 2023 4,800,000
At 31st December 2022 4,711,457

Fair value at 31st December 2023 is represented by:
£   
Valuation in 2019 2,417,806
Valuation in 2021 (44,718 )
Valuation in 2021 200,000
Valuation in 2023 36,906
Cost 2,190,006
4,800,000

The fair value of the investment property at the balance sheet date, in the opinion of the directors, was £4,800,000

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 45,000 45,000
Other debtors 4,355 4,238
49,355 49,238

THE INNOVCO GROUP LIMITED (REGISTERED NUMBER: 10666491)

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


6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 870,000 900,000

Aggregate amounts 919,355 949,238

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 116,512 126,512
Trade creditors 1,190 2,681
Amounts owed to group undertakings 41,887 -
Other creditors 2,705 2,550
162,294 131,743

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 3,100,964 3,194,143

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,217,476 3,320,655

The bank loan is secured by a fixed and floating charge over the property and the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
500 A2 Ordinary Shares 10p 50 50
625 B1 Ordinary Shares 10p 63 63
375 B2 Ordinary Shares 10p 38 38
500 A1 Ordinary shares 10p 50 50
500 C1 Ordinary shares £1 500 500
500 C2 Ordinary shares £1 500 500
500 D1 Ordinary shares £1 500 500
500 D2 Ordinary shares £1 500 500
2,201 2,201