IRIS Accounts Production v24.1.0.578 NI635499 Board of Directors Board of Directors Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false ORD 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6354992023-01-31NI6354992024-01-31NI6354992023-02-012024-01-31NI6354992022-01-31NI6354992022-02-012023-01-31NI6354992023-01-31NI635499ns15:NorthernIreland2023-02-012024-01-31NI635499ns14:PoundSterling2023-02-012024-01-31NI635499ns10:Director12023-02-012024-01-31NI635499ns10:Director22023-02-012024-01-31NI635499ns10:Director32023-02-012024-01-31NI635499ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31NI635499ns10:SmallEntities2023-02-012024-01-31NI635499ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-31NI635499ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31NI635499ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31NI635499ns10:FullAccounts2023-02-012024-01-31NI635499ns10:OrdinaryShareClass12023-02-012024-01-31NI635499ns10:RegisteredOffice2023-02-012024-01-31NI635499ns5:CurrentFinancialInstruments2024-01-31NI635499ns5:CurrentFinancialInstruments2023-01-31NI635499ns5:Non-currentFinancialInstruments2024-01-31NI635499ns5:Non-currentFinancialInstruments2023-01-31NI635499ns5:ShareCapital2024-01-31NI635499ns5:ShareCapital2023-01-31NI635499ns5:RetainedEarningsAccumulatedLosses2024-01-31NI635499ns5:RetainedEarningsAccumulatedLosses2023-01-31NI635499ns5:PlantMachinery2023-02-012024-01-31NI635499ns5:FurnitureFittings2023-02-012024-01-31NI635499ns5:MotorVehicles2023-02-012024-01-31NI635499ns5:LandBuildings2023-01-31NI635499ns5:PlantMachinery2023-01-31NI635499ns5:FurnitureFittings2023-01-31NI635499ns5:MotorVehicles2023-01-31NI635499ns5:LandBuildings2023-02-012024-01-31NI635499ns5:LandBuildings2024-01-31NI635499ns5:PlantMachinery2024-01-31NI635499ns5:FurnitureFittings2024-01-31NI635499ns5:MotorVehicles2024-01-31NI635499ns5:LandBuildings2023-01-31NI635499ns5:PlantMachinery2023-01-31NI635499ns5:FurnitureFittings2023-01-31NI635499ns5:MotorVehicles2023-01-31NI635499ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-31NI635499ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31NI635499ns10:OrdinaryShareClass12024-01-31NI635499ns5:RetainedEarningsAccumulatedLosses2023-01-31NI635499ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-31
REGISTERED NUMBER: NI635499 (Northern Ireland)















INNOVATED ALUMINIUM TECHNOLOGY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024






INNOVATED ALUMINIUM TECHNOLOGY LIMITED (REGISTERED NUMBER: NI635499)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INNOVATED ALUMINIUM TECHNOLOGY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr David William Mcmahon
Mr Leslie McClements
Mrs Carol McKelvey



REGISTERED OFFICE: 4 Longfield Road
Eglington
Co. Londonderry
BT47 3PY



REGISTERED NUMBER: NI635499 (Northern Ireland)



ACCOUNTANTS: CavanaghKelly Chartered Accountants
43 Dublin Road
Omagh
Co. Tyrone
BT78 1HE



BANKERS: Danske Bank
Small Business
PO Box 183
Donegall Square West
Belfast
BT1 6JS

INNOVATED ALUMINIUM TECHNOLOGY LIMITED (REGISTERED NUMBER: NI635499)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 375,295 48,904

CURRENT ASSETS
Inventories 6 435,755 313,309
Receivables: amounts falling due within
one year

7

61,815

298,301
Cash at bank 301,271 160,361
798,841 771,971
PAYABLES
Amounts falling due within one year 8 (332,342 ) (390,236 )
NET CURRENT ASSETS 466,499 381,735
TOTAL ASSETS LESS CURRENT
LIABILITIES

841,794

430,639

PAYABLES
Amounts falling due after more than
one year

9

(217,536

)

(7,083

)
NET ASSETS 624,258 423,556

CAPITAL AND RESERVES
Called up share capital 10 66,666 66,666
Retained earnings 11 557,592 356,890
SHAREHOLDERS' FUNDS 624,258 423,556

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 January 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.

INNOVATED ALUMINIUM TECHNOLOGY LIMITED (REGISTERED NUMBER: NI635499)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2024 and were signed on its behalf by:




Mr Leslie McClements - Director Mrs Carol McKelvey - Director




Mr David William Mcmahon - Director


INNOVATED ALUMINIUM TECHNOLOGY LIMITED (REGISTERED NUMBER: NI635499)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Innovated Aluminium Technology Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

Hire purchase and leasing commitments
Property, plant and equipment held under leasing and Hire Purchase arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

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.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

INNOVATED ALUMINIUM TECHNOLOGY LIMITED (REGISTERED NUMBER: NI635499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 18 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 February 2023 - 82,625 4,194 74,505 161,324
Additions 3,800 306,520 - 55,800 366,120
Disposals - - - (35,400 ) (35,400 )
At 31 January 2024 3,800 389,145 4,194 94,905 492,044
DEPRECIATION
At 1 February 2023 - 59,842 2,602 49,976 112,420
Charge for year - 15,385 319 16,091 31,795
Eliminated on disposal - - - (27,466 ) (27,466 )
At 31 January 2024 - 75,227 2,921 38,601 116,749
NET BOOK VALUE
At 31 January 2024 3,800 313,918 1,273 56,304 375,295
At 31 January 2023 - 22,783 1,592 24,529 48,904

6. INVENTORIES
2024 2023
£ £
Inventories 435,755 313,309

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 36,345 284,844
Other receivables 5,000 5,824
VAT 20,470 7,633
61,815 298,301

INNOVATED ALUMINIUM TECHNOLOGY LIMITED (REGISTERED NUMBER: NI635499)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts 42,165 2,500
Trade payables 158,626 211,458
Amounts owed to group undertakings 15,000 15,000
Taxation and social security 8,376 52,060
Other payables 108,175 109,218
332,342 390,236

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Hire purchase contracts 217,536 7,083

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £ £
66,666 Share capital 1 1 66,666 66,666

11. RESERVES
Retained
earnings
£

At 1 February 2023 356,890
Profit for the year 300,702
Dividends (100,000 )
At 31 January 2024 557,592