IRIS Accounts Production v24.2.0.383 07022553 Board of Directors 1.7.23 30.6.24 30.6.24 12.11.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070225532023-06-30070225532024-06-30070225532023-07-012024-06-30070225532022-06-30070225532022-07-012023-06-30070225532023-06-3007022553ns15:EnglandWales2023-07-012024-06-3007022553ns14:PoundSterling2023-07-012024-06-3007022553ns10:Director12023-07-012024-06-3007022553ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3007022553ns10:SmallEntities2023-07-012024-06-3007022553ns10:Audited2023-07-012024-06-3007022553ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3007022553ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3007022553ns10:AbridgedAccounts2023-07-012024-06-3007022553ns10:Director22023-07-012024-06-3007022553ns10:CompanySecretary12023-07-012024-06-3007022553ns10:RegisteredOffice2023-07-012024-06-3007022553ns5:CurrentFinancialInstruments2024-06-3007022553ns5:CurrentFinancialInstruments2023-06-3007022553ns5:ShareCapital2024-06-3007022553ns5:ShareCapital2023-06-3007022553ns5:RetainedEarningsAccumulatedLosses2024-06-3007022553ns5:RetainedEarningsAccumulatedLosses2023-06-30
REGISTERED NUMBER: 07022553 (England and Wales)














INNOTRADE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






INNOTRADE LTD (REGISTERED NUMBER: 07022553)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


INNOTRADE LTD

COMPANY INFORMATION
for the Year Ended 30 JUNE 2024







DIRECTORS: G Braine
A Libman





SECRETARY:





REGISTERED OFFICE: 167 Turners Hill
Cheshunt
EN8 9BH





REGISTERED NUMBER: 07022553 (England and Wales)





AUDITORS: Brindley Millen Limited
Statutory Auditors
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

INNOTRADE LTD (REGISTERED NUMBER: 07022553)

ABRIDGED BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
£    £   
CURRENT ASSETS
Debtors 3,439,654 3,767,502
Cash at bank 158,976 52,555
3,598,630 3,820,057
CREDITORS
Amounts falling due within one year 1,387,043 1,470,227
NET CURRENT ASSETS 2,211,587 2,349,830
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,211,587

2,349,830

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,211,487 2,349,730
SHAREHOLDERS' FUNDS 2,211,587 2,349,830

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 12 November 2024 and were signed on its behalf by:





G Braine - Director


INNOTRADE LTD (REGISTERED NUMBER: 07022553)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2024

1. STATUTORY INFORMATION

Innotrade Ltd 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.

The financial statements are prepared in Pound Sterling, which is also the functional currency. Figures in the statements are rounded to the nearest £1.

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

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 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.

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.

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.

Debtors
Trade and other debtors are recognised at the settlement amounts. Prepayments are valued at the amount prepaid.

Cash at bank and in hand
Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations.

Creditors
Creditors are recognised where the company has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - 38 ) .

INNOTRADE LTD (REGISTERED NUMBER: 07022553)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

4. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Maurice Brindley (Senior Statutory Auditor)
for and on behalf of Brindley Millen Limited

5. ULTIMATE CONTROLLING PARTY

The company's parent company is Innotrade Group Ltd, a company registered at 2a Lord Street, Douglas, IM99 1HP, Isle of Man.This company is a 100% subsidiary of Sabco Australia PTY Ltd which is in turn a 100% subsidiary of The Libman Company, an Illinois Corporation. The Libman Company is owned and run by the Libman Family.