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Registered number: 11158226
Innoviz Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11158226
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 33,862 35,110
Tangible Assets 5 1,441 1,372
35,303 36,482
CURRENT ASSETS
Cash at bank and in hand 41,148 35,478
41,148 35,478
Creditors: Amounts Falling Due Within One Year 6 (92,939 ) (86,813 )
NET CURRENT ASSETS (LIABILITIES) (51,791 ) (51,335 )
TOTAL ASSETS LESS CURRENT LIABILITIES (16,488 ) (14,853 )
Creditors: Amounts Falling Due After More Than One Year 7 - (7,362 )
NET LIABILITIES (16,488 ) (22,215 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (16,489 ) (22,216 )
SHAREHOLDERS' FUNDS (16,488) (22,215)
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gopala RATHLAVAT
Director
24/01/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Innoviz Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11158226 . The registered office is Unit 20, Innovation Centre Cranfield, University Technology Park, Cranfield, Bedford, England, MK43 0BT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other
sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered
to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate
is revised if the revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
The Directors do not consider there are any critical judgments or sources of estimation uncertainty requiring
disclosure beyond the accounting policies listed below.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 12)
15 12
4. Intangible Assets
Development Costs
£
Cost
As at 1 February 2023 42,059
Additions 3,286
As at 31 January 2024 45,345
...CONTINUED
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Amortisation
As at 1 February 2023 6,949
Provided during the period 4,534
As at 31 January 2024 11,483
Net Book Value
As at 31 January 2024 33,862
As at 1 February 2023 35,110
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 - 2,268 2,268
Additions 848 - 848
As at 31 January 2024 848 2,268 3,116
Depreciation
As at 1 February 2023 - 896 896
Provided during the period 212 567 779
As at 31 January 2024 212 1,463 1,675
Net Book Value
As at 31 January 2024 636 805 1,441
As at 1 February 2023 - 1,372 1,372
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts - 3,135
Other creditors 38,123 41,227
Taxation and social security 54,816 42,451
92,939 86,813
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 7,362
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Related Party Transactions
The company's ultimate controlling party is Mr. Gopala Krishna Rathlavat, by virtue of his ownership of 100% of the issued share capital in the company.
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