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REGISTERED NUMBER: 06034573 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Innovace Designs Limited

Innovace Designs Limited (Registered number: 06034573)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Innovace Designs Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Dr A C Elliott





REGISTERED OFFICE: White Cedars
2 Rockhouse Road
Alvaston
Derby
DE24 0GD





REGISTERED NUMBER: 06034573 (England and Wales)





ACCOUNTANTS: Bates Weston LLP
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Innovace Designs Limited (Registered number: 06034573)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 886 1,768

CURRENT ASSETS
Debtors 5 233,580 118,418
Cash at bank 140,931 402,887
374,511 521,305
CREDITORS
Amounts falling due within one year 6 22,700 94,074
NET CURRENT ASSETS 351,811 427,231
TOTAL ASSETS LESS CURRENT
LIABILITIES

352,697

428,999

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 352,597 428,899
SHAREHOLDERS' FUNDS 352,697 428,999

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2024 and were signed by:





Dr A C Elliott - Director


Innovace Designs Limited (Registered number: 06034573)

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

1. STATUTORY INFORMATION

Innovace Designs 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.

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 represents net sales of services, excluding value added tax. Turnover is recognised in the period in which the services are provided.

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- 25% on reducing balance
Computer equipment - 33% on cost

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Innovace Designs Limited (Registered number: 06034573)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 6,573 6,565 13,138
Additions - 916 916
Disposals (3,420 ) (4,006 ) (7,426 )
At 31 December 2023 3,153 3,475 6,628
DEPRECIATION
At 1 January 2023 5,083 6,287 11,370
Charge for year 91 583 674
Eliminated on disposal (2,296 ) (4,006 ) (6,302 )
At 31 December 2023 2,878 2,864 5,742
NET BOOK VALUE
At 31 December 2023 275 611 886
At 31 December 2022 1,490 278 1,768

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 174,649 68,505
Other debtors 9,600 9,600
Director's loan account 42,081 34,602
Prepayments 7,250 5,711
233,580 118,418

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,868 27,767
Tax 2,717 42,170
Social security and other taxes 14,494 22,511
Other creditors 161 236
Accrued expenses 1,460 1,390
22,700 94,074

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 12,000 12,000
Between one and five years - 12,000
12,000 24,000

Innovace Designs Limited (Registered number: 06034573)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Net advances of £7,479 (2022 £17,254) were made to the director during the year. Interest is charged at 2.25% per annum and the balance is repayable on demand.