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Registration number: 12766150

Innovex Enterprise Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Innovex Enterprise Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Innovex Enterprise Limited

(Registration number: 12766150)
Balance Sheet as at 31 July 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

29,970

27,633

Investments

5

9

-

 

29,979

27,633

Current assets

 

Stocks

208,317

-

Debtors

6

825,911

186,275

Cash at bank and in hand

 

25,868

2,003

 

1,060,096

188,278

Creditors: Amounts falling due within one year

7

(1,031,698)

(211,808)

Net current assets/(liabilities)

 

28,398

(23,530)

Total assets less current liabilities

 

58,377

4,103

Creditors: Amounts falling due after more than one year

7

(10,970)

-

Provisions for liabilities

(2,215)

(983)

Net assets

 

45,192

3,120

Capital and reserves

 

Called up share capital

8

100

11

Retained earnings

45,092

3,109

Shareholders' funds

 

45,192

3,120

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Innovex Enterprise Limited

(Registration number: 12766150)
Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 


Mr C D Looker
Director

   
 

Innovex Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
32 Gillygate
Pontefract
WF8 1PQ

Registration number: 12766150

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Prior period errors

Trade creditors in the year ended 31 July 2023 have been increased by £42,172 as it was discovered purchases made in the year ended 31 July 2023 but not paid in that period had not been accounted for. The effect on the reserves is a reduction of £42,172.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Innovex Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% straight line

Office equipment

15% straight line

Motor vehicles

15% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Innovex Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Innovex Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2023 - 2).

 

Innovex Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

3,931

23,894

27,825

Additions

7,067

-

7,067

At 31 July 2024

10,998

23,894

34,892

Depreciation

At 1 August 2023

192

-

192

Charge for the year

1,146

3,584

4,730

At 31 July 2024

1,338

3,584

4,922

Carrying amount

At 31 July 2024

9,660

20,310

29,970

At 31 July 2023

3,739

23,894

27,633

5

Investments

2024
£

2023
£

Investments in subsidiaries

9

-

Subsidiaries

£

Cost or valuation

Additions

9

Provision

Carrying amount

At 31 July 2024

9

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

754,753

186,275

Amounts owed by related parties

10

71,158

-

   

825,911

186,275

 

Innovex Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

9

82,014

40,236

Trade payables

 

632,365

43,636

Amounts due to related parties

10

-

285

Social security and other taxes

 

279,743

114,076

Other payables

 

37,576

13,575

 

1,031,698

211,808

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

10,970

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

11

11

11

11

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

5,111

-

Other borrowings

76,903

40,236

82,014

40,236

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

10,970

-

 

Innovex Enterprise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Other borrowings

The carrying amount of Hire purchase at year end is £16,081 (2023 - £Nil).

The hire purchase liabilities are secured on the assets to which the loan relates.

10

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mr C D Looker

Directors loan - 2.25% interest

285

(74,667)

25,943

(48,439)

Mr P G Lawrence

Directors loan - 2.25% interest

-

(32,379)

9,660

(22,719)

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

Mr C D Looker

Directors loan - 2.25% interest

-

285

285