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Registration number: 06438943

Innovatum Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Innovatum Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Innovatum Limited

(Registration number: 06438943)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

579,789

719,807

Investments

5

2

2

 

579,791

719,809

Current assets

 

Stocks

6

193,823

179,093

Debtors

7

273,675

405,746

Cash at bank and in hand

 

1,732,611

1,133,116

 

2,200,109

1,717,955

Creditors: Amounts falling due within one year

8

(264,389)

(274,607)

Net current assets

 

1,935,720

1,443,348

Total assets less current liabilities

 

2,515,511

2,163,157

Provisions for liabilities

(106,072)

(132,875)

Net assets

 

2,409,439

2,030,282

Capital and Reserves

 

Called up share capital

1,470,049

1,470,049

Capital redemption reserve

51

51

Retained Earnings

939,339

560,182

Shareholders' funds

 

2,409,439

2,030,282

 

Innovatum Limited

(Registration number: 06438943)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 September 2024
 

.........................................
RJ Nunn
Director

 

Innovatum Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:

Unit 11/12
Woodside Business Park
Thetford Road
Bury St Edmunds
IP31 1NR
United Kingdom

These financial statements were authorised for issue by the director on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.

 

Innovatum Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance and 10 years straight line

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

 

Innovatum Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

73,222

255,454

3,022,096

3,350,772

Additions

-

-

86,951

86,951

At 31 December 2023

73,222

255,454

3,109,047

3,437,723

Depreciation

At 1 January 2023

53,889

64,974

2,512,102

2,630,965

Charge for the year

4,833

47,620

174,516

226,969

At 31 December 2023

58,722

112,594

2,686,618

2,857,934

Carrying amount

At 31 December 2023

14,500

142,860

422,429

579,789

At 31 December 2022

19,333

190,480

509,994

719,807

 

Innovatum Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
 £

2022
 £

Investment in subsidiary

2

2

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Innovatum Systems Limited

England

100%

100%

Innovatum Systems Limited is dormant.

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

193,823

179,093

7

Debtors

Current

2023
£

2022
£

Trade Debtors

241,898

324,592

Prepayments

20,107

18,773

Other debtors

11,670

62,381

 

273,675

405,746

 

Innovatum Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade Creditors

30,901

93,534

Taxation and social security

139,437

28,051

Accruals and deferred income

62,395

118,277

Other creditors

31,656

34,745

264,389

274,607

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £64,821 (2022 - £122,158).

 

Innovatum Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Material advance

-

18,483

(18,483)

-

Material advance

-

10,000

(10,000)

-

Material advance

-

-

-

-

Material advance

-

-

-

-

Material advance

-

-

-

-

Repaid

(27,829)

71,015

(71,517)

(28,331)

(27,829)

99,498

(100,000)

(28,331)

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Material advance

-

30,745

(30,745)

-

Material advance

-

16,500

(16,500)

-

Material advance

-

12,000

(12,000)

-

Material advance

-

18,488

(18,488)

-

Material advance

-

11,000

(11,000)

-

Repaid

(47,250)

30,769

(11,348)

(27,829)

(47,250)

119,502

(100,081)

(27,829)

 

11

Parent and ultimate parent undertaking

The ultimate controlling party is RJ Nunn.