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Registered Number: 12268675
England & Northern Ireland

 

 

 

INNOVO ENGINEERING & CONSULTANCY LTD


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Accountants report
You consider that the company is exempt from an audit for the period ended 31 December 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Smartline Accounts Ltd
31 December 2023



....................................................

Smartline Accounts Ltd

8 Queensway
Hazlemere
High Wycombe
HP15 7HP
25 September 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 15,470    13,599 
15,470    13,599 
Current assets      
Debtors 294,867    207,650 
Cash at bank and in hand 47,184    37,058 
342,051    244,708 
Creditors: amount falling due within one year (159,309)   (154,398)
Net current assets 182,742    90,310 
 
Total assets less current liabilities 198,212    103,909 
Provisions for liabilities (1,648)   (1,099)
Net assets 196,564    102,810 
 

Capital and reserves
     
Called up share capital 4 101    101 
Profit and loss account 196,463    102,709 
Shareholders' funds 196,564    102,810 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 25 September 2024 and were signed on its behalf by:


-------------------------------
Frederick Edwards
Director
2
General Information
INNOVO ENGINEERING & CONSULTANCY LTD is a private company, limited by shares, registered in England & Northern Ireland, registration number 12268675, registration address 4th Floor, 9-11 Kingly Street, London, W18 5PH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 4 years Straight Line
Fixtures and Fittings 4 years Straight Line
Computer Equipment 4 years Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 9 (2022 : 8).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 January 2023 2,558    2,909    18,106    23,573 
Additions 2,988    490    5,559    9,037 
Disposals      
At 31 December 2023 5,546    3,399    23,665    32,610 
Depreciation
At 01 January 2023 730    1,300    7,944    9,974 
Charge for year 868    1,014    5,284    7,166 
On disposals      
At 31 December 2023 1,598    2,314    13,228    17,140 
Net book values
Closing balance as at 31 December 2023 3,948    1,085    10,437    15,470 
Opening balance as at 01 January 2023 1,828    1,609    10,162    13,599 


4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
1 Class B share of £1.00 each  
101    101 

3