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Registered number: 13383891
Innoteq Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Sachdevs
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13383891
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 24,500 28,000
Tangible Assets 5 82,750 84,597
107,250 112,597
CURRENT ASSETS
Debtors 6 - 14,592
Cash at bank and in hand 1,005 12,669
1,005 27,261
Creditors: Amounts Falling Due Within One Year 7 (216,614 ) (181,344 )
NET CURRENT ASSETS (LIABILITIES) (215,609 ) (154,083 )
TOTAL ASSETS LESS CURRENT LIABILITIES (108,359 ) (41,486 )
Creditors: Amounts Falling Due After More Than One Year 8 (24,658 ) (49,355 )
NET LIABILITIES (133,017 ) (90,841 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (133,117 ) (90,941 )
SHAREHOLDERS' FUNDS (133,017) (90,841)
Page 1
Page 2
For the year ending 31 May 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 Jasminder Satsavia
Director
12/02/2025
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
Innoteq Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13383891 . The registered office is 4 High Street, Leamington Spa, CV31 3AN.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Intangible Assets
Other
£
Cost
As at 1 June 2023 35,000
As at 31 May 2024 35,000
Amortisation
As at 1 June 2023 7,000
Provided during the period 3,500
As at 31 May 2024 10,500
Net Book Value
As at 31 May 2024 24,500
As at 1 June 2023 28,000
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Page 4
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 102,956 9,676 1,490 3,341 117,463
Additions 5,089 - 2,804 7,030 14,923
As at 31 May 2024 108,045 9,676 4,294 10,371 132,386
Depreciation
As at 1 June 2023 26,941 4,233 536 1,156 32,866
Provided during the period 12,165 1,361 940 2,304 16,770
As at 31 May 2024 39,106 5,594 1,476 3,460 49,636
Net Book Value
As at 31 May 2024 68,939 4,082 2,818 6,911 82,750
As at 1 June 2023 76,015 5,443 954 2,185 84,597
6. Debtors
2024 2023
£ £
Due within one year
Other debtors - 14,592
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 13,054 11,960
Other creditors 197,964 162,722
Taxation and social security 5,596 6,662
216,614 181,344
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 24,658 49,355
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4