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Registered number: 09539483







INNOWAVE-TECH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
INNOWAVE-TECH LIMITED
 

COMPANY INFORMATION


DIRECTORS
T. Goncalves 
Innowave Technologies SA 




REGISTERED NUMBER
09539483



REGISTERED OFFICE
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BL




INDEPENDENT AUDITORS
Wilder Coe Ltd

Chartered Accountants & Statutory Auditors
1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
INNOWAVE-TECH LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 7

 
INNOWAVE-TECH LIMITED
REGISTERED NUMBER: 09539483

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
3,382
3,236

CURRENT ASSETS
  

Debtors
 5 
861,112
1,198,423

Cash at bank and in hand
  
4,653
140,835

  
865,765
1,339,258

Creditors: amounts falling due within one year
 6 
(888,374)
(1,120,589)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(22,609)
 
 
218,669

NET (LIABILITIES)/ASSETS
  
(19,227)
221,905


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
  
7,190
7,190

Profit and loss account
  
(26,417)
214,715

EQUITY SHAREHOLDERS' (DEFICIT)/FUNDS
  
(19,227)
221,905


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 May 2024.




T. Goncalves
Director

The notes on pages 2 to 7 form part of these financial statements.
Page 1

 
INNOWAVE-TECH LIMITED
 

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

1.


GENERAL INFORMATION

Innowave-Tech Limited (Company number: 09539483), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL, is a private limited company incorporated in England and Wales.
There is no principal place of business.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

STATEMENT OF CASH FLOWS

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small entity.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is British Pounds Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings.

Page 2

 
INNOWAVE-TECH LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

INTEREST INCOME

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.6

FINANCE COSTS

Finance costs are charged to the Statement of Income and  Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Page 3

 
INNOWAVE-TECH LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. 

 
2.12

FINANCIAL INSTRUMENTS

The Company only enters into basic financial intrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments that are payable or receivable within one yea, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Finacial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between as asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

Page 4

 
INNOWAVE-TECH LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

TAXATION

Tax is recognised in the Statement of Income and Retained Earnings.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2022 - 7).

Page 5

 
INNOWAVE-TECH LIMITED
 

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

4.


TANGIBLE FIXED ASSETS





Computer equipment

£



COST


At 1 January 2023
12,877


Additions
1,667



At 31 December 2023

14,544



DEPRECIATION


At 1 January 2023
9,641


Charge for the year
1,521



At 31 December 2023

11,162



NET BOOK VALUE



At 31 December 2023
3,382



At 31 December 2022
3,236


5.


DEBTORS

2023
2022
£
£

Due within one year

Trade debtors
640,767
803,201

Amounts owed by group undertakings
73,365
39,062

Other debtors
62,680
24,987

Prepayments and accrued income
84,300
331,173

861,112
1,198,423

Page 6

 
INNOWAVE-TECH LIMITED
 

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

6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
552,153
854,422

Corporation tax
-
19,175

Other taxation and social security
15,928
6,848

Other creditors
1,322
1,939

Accruals and deferred income
318,971
238,205

888,374
1,120,589



7.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,709 (2022: £9,571)
There were £Nil 
(2022: £Nil) contributions payable to the fund at the Balance Sheet date.


8.


CONSOLIDATED PARENT UNDERTAKING

The immediate parent undertaking, Innowave Technologies, S.A, is a private limited company incorporated in Portugal and prepares consolidated financial statements for the Group. Innowave Technologies, S.A is registered at 16f, Av Jose Malhoa, Piso 1 Bloca A, Lisboa, Portugal, 1070-159.


9.


RELATED PARTY TRANSACTIONS

The company has taken advantage of Section 33.1A of FRS 102 in not disclosing transactions between wholly-owned members of a group.
Included within trade creditors are amounts due to related parties over which the company has control of £93,110 (
2022: £220,228).
Included within amounts owed by group undertakings is £73,365 (
2022: £39,062) owed by related parties which the company has control.
During the year, sales were made of £19,734 (
2022: £Nil) to related parties over which the company has control.
During the year there are amounts included in cost of sales of £448,097 (
2022: £728,428) to related parties over which the company has control.


10.


AUDITORS' INFORMATION

The Company was subject to an audit for the year ended 31 December 2023. The audit report was issued with an unqualified opinion and signed on 15 May 2024 by Chris Gent BA FCA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.


Page 7