REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
FOR |
INNOVIEW INTERNATIONAL LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
FOR |
INNOVIEW INTERNATIONAL LIMITED |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
INNOVIEW INTERNATIONAL LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(Statutory Auditor) |
Court House |
Court Road |
Bridgend |
CF31 1BE |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
The director presents his strategic report for the period 1 September 2022 to 31 December 2023. |
REVIEW OF BUSINESS |
The principal activity of the company is assembly of TV products from raw materials and wholesale of the products in the UK market. |
Key financial highlights for the year |
- Sales: £11,989,381 |
- Net assets: £464,031 |
As this is the first year of operations, the company has achieved a reasonable return. |
The key performance indicators (KPIs) used to measure the performance of the company are turnover, gross profit and net profit. |
Gross profit margin is 14.89% for the year |
Net profit margin is 2.95% for the year |
The KPIs indicate a positive performance and profitability for the company. |
PRINCIPAL RISKS AND UNCERTAINTIES |
General Risks |
The company operates in the TV products market, which is competitive and subject to technological advancements and changing consumer preferences. |
Liquidity and Cash flows Risks |
- Current ratio: 1.08 (Current assets of £5,433,657/Current Liabilities of £4,988,291) |
- Accounts receivable turnover ratio: 3.49 (Sales of £11,989,381 / Accounts receivable of £3,438,955) |
The short-term liquidity risk is low, which is maintained by a strong balance sheet position and parent company support. The company debt collection process is slow. However, as the main client Amazon is reliable and trustworthy this is not a concern. |
ANALYSIS OF COMPANY DEVELOPMENT AND PERFORMANCE |
The director is satisfied with the results achieved during the first year of operation. The director has a three year strategic plan which is reviewed on an annual basis. |
The strategy includes continuation of investment into significant new product development and expending the client base and increasing the company's share in the TV market. |
The director remains confident in the company's future growth and profitability, backed by ongoing investments and strategic planning. |
This report provides a comprehensive overview of the company's financial performance, risks, and future strategic direction, highlighting the successful first year of operations and a solid foundation for future growth. |
IMPORTANT EVENTS SINCE THE YEAR END AND FUTURE DEVELOPMENTS |
The director believes the company is well positioned to expand its share in the UK market and continue winning new business, selling at a margin that will maintain profitability. |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
RESEARCH AND DEVELOPMENT |
The company is continually developing new products and accessories. |
ON BEHALF OF THE BOARD: |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
The director presents his report with the financial statements of the company for the period 1 September 2022 to 31 December 2023. |
COMMENCEMENT OF TRADING |
The company commenced trading on 1 September 2022 (with it being dormant for the entire previous period). |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of TV products from raw materials and wholesale of the products in the UK market. |
DIVIDENDS |
No interim dividends were paid. The director recommends that no final dividends be paid. |
DIRECTOR |
DISCLOSURE IN THE STRATEGIC REPORT |
Disclosures required under Schedule 7 have been disclosed in the Strategic Report in accordance with S414C(11) of the Companies Act 2006. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INNOVIEW INTERNATIONAL LIMITED |
Opinion |
We have audited the financial statements of Innoview International Limited (the 'company') for the period ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INNOVIEW INTERNATIONAL LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The audit was planned on the basis that the testing undertaken and procedures carried out would have a reasonable expectation of detecting any instances of irregularity including fraud. The plan involved assessing the risk of the financial statements containing material misstatements taking into account various factors such as the control systems in place, the standard of record keeping and an assessment of the influence and role of the stakeholders involved. The audit plan was followed and benefitted from the audit teams knowledge of the client. They considered how fraud may occur and where the financial statements may be susceptible to error. |
Suitable transaction sample testing was made on the high risk areas of the financial statements. Enquiries were made of the company directors for information and explanations as required during the course of the audit and any contentious areas appropriately challenged to ensure that sufficient audit evidence was obtained. |
The procedures and testing undertaken as a result of our risk assessments were deemed sufficient to identify material errors for which adjustment was then made in the financial statements. There is however no guarantee that all errors, including those related to fraud, would be identified as part of the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
INNOVIEW INTERNATIONAL LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
(Statutory Auditor) |
Court House |
Court Road |
Bridgend |
CF31 1BE |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
INCOME STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Period | Period |
1.9.22 to 31.12.23 | 18.10.21 to 31.8.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Transportation costs |
Administrative expenses |
1,472,172 | - |
313,201 | - |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL PERIOD |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
The financial statements were approved by the director and authorised for issue on |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Balance at 31 August 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
CASH FLOW STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
Period | Period |
1.9.22 | 18.10.21 |
to | to |
31.12.23 | 31.8.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Government grants received |
Insurance receipt |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year (group creditors) |
Share issue |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period |
2 |
211,944 |
200,000 |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period | Period |
1.9.22 | 18.10.21 |
to | to |
31.12.23 | 31.8.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Insurance receipt | (37,400 | ) | - |
Government grants | ( |
) |
324,592 | - |
Increase in stocks | ( |
) |
Increase in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 December 2023 |
31.12.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 211,944 | 200,000 |
Period ended 31 August 2022 |
31.8.22 | 18.10.21 |
£ | £ |
Cash and cash equivalents | 200,000 | - |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.22 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 200,000 | 11,944 | 211,944 |
200,000 | 211,944 |
Total | 200,000 | 11,944 | 211,944 |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Innoview International Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The accounts are rounded to the nearest pound (£). |
The reporting period has changed to cover the 16 trading months from 1 September 2022 to 31 December 2023. This was done to cover at least one years trading and create a year end in line with the calendar year. The previous reporting period which covered the period from incorporation (18 October 2021) to 31 August 2022 was dormant and so the comparatives are not entirely comparable. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption (group members) |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions that have taken place between two or more members of group, where any subsidiary which is a party to the transaction is wholly owned by such a member. |
Significant judgements and estimates |
In applying the accounting policies decisions sometimes have to be made about the likely outcome of future |
events.Those judgements and estimates made in preparing the financial statements are based upon historical experience and assumptions that the directors believed were reasonable the circumstances. |
a. Bad debt provision |
The directors have provided for this and will continue to do so on an annual basis to reduce the uncertainty of the provision. |
b. Stock and raw materials |
These are valued as per the accounting policy though any such stock value estimation presents an inherent risk. |
c. Accruals |
There are various provisions within the accounts for expenses for which a final amount has not yet been invoiced. The director has calculated the provisions based on the information available, though there is a risk these are incomplete. Such provisions are to be reviewed and changed each year according to amounts incurred but not billed. |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, of goods provided to customers, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and benefits of ownership of the product have transferred to the buyer, which maybe on completion of the product, when the product is ready for delivery or on shipment, dependent on the specific customer contract terms. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price plus any costs directly attributable to bringing the asset to its working condition for intended use. |
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life: |
Plant & Machinery - 33% and 3% straight line |
Computers - 33% straight line |
The carrying values of tangible fixed assets are reviewed annually for impairment as a result of events or changes in circumstances that may indicate the carrying value may not be recoverable. |
Government grants |
Government grants that relate to revenue are recognised in other income over the period in which the related costs are incurred. Such grants occur as a re-imbursement for expenses already incurred and as a result of local authority and government support measures. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. |
The company values all stock items initially at FIFO and subsequently at the lower of cost and net realisable value. |
Full provision is made for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 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 balance sheet date. |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leasing commitments |
Rentals paid under short term operating leases are charged to the income statement 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 for its employees. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
The assets of the scheme are held separately from those of the company. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market for the period ended 31 December 2023 is given below: |
£ |
United Kingdom |
This analysis is not considered to be applicable to the period ended 31 August 2022. |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS |
Period | Period |
1.9.22 | 18.10.21 |
to | to |
31.12.23 | 31.8.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period | Period |
1.9.22 | 18.10.21 |
to | to |
31.12.23 | 31.8.22 |
Management | 1 | - |
Finance | 1 | - |
Manufacturing and warehouse | 10 | - |
During the period, the director received no remuneration, pension or any other form of benefits from the company. |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period | Period |
1.9.22 | 18.10.21 |
to | to |
31.12.23 | 31.8.22 |
£ | £ |
Rental operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Government grants received | ( |
) |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period | Period |
1.9.22 | 18.10.21 |
to | to |
31.12.23 | 31.8.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.9.22 |
to |
31.12.23 |
£ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) |
Adjustment to tax charge in respect of lower Financial Year 2022 tax rate | (8,162 |
) |
Total tax charge | 90,570 |
As this is the first year of trading, there is no comparative taxation charge analysis. |
7. | GRANT INCOME |
During the year, the company received £4,000 of grant funding relating to local authority Business Set Up Fund. |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
8. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
Finished goods |
The replacement cost of stock did not differ significantly from the figures shown. |
Inventory impairment losses recognised in the income statement amounted to £84,279 for the year. |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 582,630 | - |
Other creditors |
Accruals and deferred income |
Amounts owed to group undertakings are on an interest free basis. |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
13. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Charge to Income Statement during period |
Balance at 31 December 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 200,000 | 200,000 |
In the previous period, 200,000 ordinary £1 shares were issued for cash at par on incorporation. |
The ordinary shares have full rights regarding voting, payment of dividends and distributions. |
15. | RESERVES |
Retained |
earnings |
£ |
Profit for the period |
At 31 December 2023 |
16. | PENSION COMMITMENTS |
Pension costs for the period amounted to £5,194 (2022 - nil) and the balance outstanding and due at the year end was £2,846 (2022 - nil). |
INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 DECEMBER 2023 |
17. | ULTIMATE CONTROLLING PARTY |
The controlling party is HKC Overseas Limited. |
The ultimate controlling party is |