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REGISTERED NUMBER: 06874129 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

INNOVATE PRODUCT DESIGN LIMITED

INNOVATE PRODUCT DESIGN LIMITED (REGISTERED NUMBER: 06874129)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INNOVATE PRODUCT DESIGN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr R A Swanwick
Ms B F C Bouffard





REGISTERED OFFICE: 36 Endless Street
Salisbury
Wiltshire
SP1 3UH





REGISTERED NUMBER: 06874129 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Old Station House
Station Approach
Swindon
Wiltshire
SN1 3DU

INNOVATE PRODUCT DESIGN LIMITED (REGISTERED NUMBER: 06874129)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30/4/24 30/4/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 104,650 161,525
Tangible assets 5 211,115 244,051
315,765 405,576

CURRENT ASSETS
Stocks 59,599 51,747
Debtors 6 731,230 115,967
Cash at bank 26,561 50,251
817,390 217,965
CREDITORS
Amounts falling due within one year 7 613,844 249,430
NET CURRENT ASSETS/(LIABILITIES) 203,546 (31,465 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

519,311

374,111

CREDITORS
Amounts falling due after more than one
year

8

(32,477

)

(78,720

)

PROVISIONS FOR LIABILITIES (52,451 ) (59,516 )
NET ASSETS 434,383 235,875

CAPITAL AND RESERVES
Called up share capital 116 116
Share premium 4,258 4,258
Retained earnings 430,009 231,501
434,383 235,875

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

INNOVATE PRODUCT DESIGN LIMITED (REGISTERED NUMBER: 06874129)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2024


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





Mr R A Swanwick - Director


INNOVATE PRODUCT DESIGN LIMITED (REGISTERED NUMBER: 06874129)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Innovate Product Design 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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance and 5% on reducing balance

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

Costs include all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. An element of profit is included where the outcome of the project may reasonably be determined.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


INNOVATE PRODUCT DESIGN LIMITED (REGISTERED NUMBER: 06874129)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 910,000
AMORTISATION
At 1 May 2023 748,475
Charge for year 56,875
At 30 April 2024 805,350
NET BOOK VALUE
At 30 April 2024 104,650
At 30 April 2023 161,525

INNOVATE PRODUCT DESIGN LIMITED (REGISTERED NUMBER: 06874129)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 709,029
Additions 11,755
At 30 April 2024 720,784
DEPRECIATION
At 1 May 2023 464,978
Charge for year 44,691
At 30 April 2024 509,669
NET BOOK VALUE
At 30 April 2024 211,115
At 30 April 2023 244,051

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Amounts owed by group undertakings 392,287 1,426
Other debtors 338,943 114,541
731,230 115,967

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Bank loans and overdrafts 45,045 42,545
Trade creditors 20,011 16,656
Amounts owed to group undertakings 390,859 -
Taxation and social security 100,693 105,180
Other creditors 57,236 85,049
613,844 249,430

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/4/24 30/4/23
£    £   
Bank loans 32,477 78,720

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 32,477 78,720

INNOVATE PRODUCT DESIGN LIMITED (REGISTERED NUMBER: 06874129)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

30/4/24 30/4/23
£    £   
Mr R A Swanwick and Ms B F C Bouffard
Balance outstanding at start of year 7,572 8,139
Amounts advanced 122,932 -
Amounts repaid - (567 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 130,504 7,572