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REGISTERED NUMBER: 13686023 (England and Wales)















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: J Lei





REGISTERED OFFICE: Unit C10
Queens Road
Bridgend Ind Est
Bridgend
CF31 3UT





REGISTERED NUMBER: 13686023 (England and Wales)





AUDITORS: Xeinadin Audit Limited
(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:




J Lei - Director


26 November 2024

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
J Lei held office during the whole of the period from 1 September 2022 to the date of this report.

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:





J Lei - Director


26 November 2024

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.




Nigel Williams BCOM FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
(Statutory Auditor)
Court House
Court Road
Bridgend
CF31 1BE

26 November 2024

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 11,989,381 -

Cost of sales 10,204,008 -
GROSS PROFIT 1,785,373 -

Transportation costs 224,591 -
Administrative expenses 1,247,581 -
1,472,172 -
313,201 -

Other operating income 41,400 -
OPERATING PROFIT and
PROFIT BEFORE TAXATION 354,601 -

Tax on profit 6 90,570 -
PROFIT FOR THE FINANCIAL PERIOD 264,031 -

INNOVIEW INTERNATIONAL LIMITED (REGISTERED NUMBER: 13686023)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 24,887 -

CURRENT ASSETS
Stocks 9 1,614,963 -
Debtors 10 3,606,750 -
Cash at bank 211,944 200,000
5,433,657 200,000
CREDITORS
Amounts falling due within one year 11 4,988,291 -
NET CURRENT ASSETS 445,366 200,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

470,253

200,000

PROVISIONS FOR LIABILITIES 13 6,222 -
NET ASSETS 464,031 200,000

CAPITAL AND RESERVES
Called up share capital 14 200,000 200,000
Retained earnings 15 264,031 -
SHAREHOLDERS' FUNDS 464,031 200,000

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 26 November 2024 and were signed by:





J Lei - Director


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 200,000 - 200,000
Balance at 31 August 2022 200,000 - 200,000

Changes in equity
Total comprehensive income - 264,031 264,031
Balance at 31 December 2023 200,000 264,031 464,031

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 (1,681,829 ) -
Government grants received 4,000 -
Insurance receipt 37,400 -
Net cash from operating activities (1,640,429 ) -

Cash flows from investing activities
Purchase of tangible fixed assets (36,278 ) -
Net cash from investing activities (36,278 ) -

Cash flows from financing activities
New loans in year (group creditors) 1,688,651 -
Share issue - 200,000
Net cash from financing activities 1,688,651 200,000

Increase in cash and cash equivalents 11,944 200,000
Cash and cash equivalents at
beginning of period

2

200,000

-

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 354,601 -
Depreciation charges 11,391 -
Insurance receipt (37,400 ) -
Government grants (4,000 ) -
324,592 -
Increase in stocks (1,614,963 ) -
Increase in trade and other debtors (3,606,750 ) -
Increase in trade and other creditors 3,215,292 -
Cash generated from operations (1,681,829 ) -

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 11,944 211,944
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 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.

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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 11,989,381
11,989,381

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 490,160 -
Social security costs 35,471 -
Other pension costs 5,194 -
530,825 -

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 -
12 -

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 146,715 -
Depreciation - owned assets 11,391 -
Auditors' remuneration 5,500 -
Foreign exchange differences (365,601 ) -
Government grants received (4,000 ) -

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 84,348 -

Deferred tax 6,222 -
Tax on profit 90,570 -

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 354,601
Profit multiplied by the standard rate of corporation tax in the UK of
25%

88,650

Effects of:
Expenses not deductible for tax purposes 11,201
Capital allowances in excess of depreciation (1,119 )
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 32,797 3,481 36,278
At 31 December 2023 32,797 3,481 36,278
DEPRECIATION
Charge for period 10,231 1,160 11,391
At 31 December 2023 10,231 1,160 11,391
NET BOOK VALUE
At 31 December 2023 22,566 2,321 24,887

9. STOCKS
2023 2022
£    £   
Raw materials 624,695 -
Finished goods 990,268 -
1,614,963 -

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 3,438,955 -
Other debtors 82,425 -
Prepayments 85,370 -
3,606,750 -

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,877,323 -
Amounts owed to group undertakings 1,688,651 -
Tax 84,348 -
Social security and other taxes 8,181 -
VAT 582,630 -
Other creditors 3,977 -
Accruals and deferred income 743,181 -
4,988,291 -

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 123,277 -
Between one and five years 123,277 -
246,554 -

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 6,222 -

Deferred
tax
£   
Charge to Income Statement during period 6,222
Balance at 31 December 2023 6,222

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200,000 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 264,031
At 31 December 2023 264,031

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 Mr Zhiyong Wang.