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Registered number: 02030086









INNVOTEC LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INNVOTEC LIMITED
 
 
COMPANY INFORMATION


Directors
J R Marsden (resigned 29 February 2024)
M T Qureshi 
Orient Drilling & Oilfield Services Limited 
Riverside Investments LLC 




Company secretary
N Sulaiman



Registered number
02030086



Registered office
101 New Cavendish Street
1st Floor South

London

W1W 6XH





 
INNVOTEC LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 6
Directors' Report
7 - 8
Independent Auditors' Report
9 - 12
Consolidated Statement of Comprehensive Income
13
Consolidated Balance Sheet
14 - 15
Company Balance Sheet
16 - 17
Consolidated Statement of Changes in Equity
18
Company Statement of Changes in Equity
19
Consolidated Statement of Cash Flows
20 - 21
Consolidated Analysis of Net Debt
22
Notes to the Financial Statements
23 - 42


 
INNVOTEC LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
This Strategic Review covers a twelve-month accounting period ending 31st December 2023.

Balanced and comprehensive review of the business
 
The Company has continued to work hard to diversify away from its core and historic activity of being an Alternative Investment Fund Manager (AIFM) and 2023 saw further progress in generating corporate finance revenues and further revenues generated from outside the UK. A trend that the Board is confident will continue.
Whilst the Company continued to focus on revenue stream diversification and generating meaningful revenues from outside the United Kingdom, much effort continued to be expended on Alternative Investment Fund Management and working with the assembled portfolio of emerging UK-based companies, especially those whose performance continued to be strong. Our managed funds have a handful of such "GEMS" and resources have been focused on ensuring those portfolio companies considered to possess the most potential develop under our "Rising Stars" programme so that they have a realistic prospect of becoming "GEMS" at a later date.
During the year the Company raised £15,350 of new equity. The Company does not envisage raising further equity in the short term although should interesting opportunities arise, the Company reserves the right to do so.
Trading revenue was £492,431, administrative costs totalled £1,128,116, and fair value movements totalled £347,305. The overall result being a loss of £1,004,816 in the year under review .
The Company's shareholder base is truly global with strong and supportive stakeholders in the United Kingdom, North America and the Middle East. It is the Company's ongoing intention to use the relative attractiveness of such a global shareholder base not only for its own future growth but also to support the progress of the "GEMS" and "Rising Stars" within the managed portfolios and other companies where lnnvotec has a purely Corporate Finance mandate.
The managed Funds themselves are valued at circa £20 million and continue to perform well, in both absolute and relative terms, and provide an integral part of the base upon which the Company is relaunching itself.
There was no Board movement in the year under review.

Page 1

 
INNVOTEC LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The Company continues to be reliant on a small core team led by two executive directors in the year under review, their on-going presence is considered essential to both the growth of the business and its underpinning. Internal effort is supplemented by third party support as and when required.
Only a handful of the portfolio companies are consistently cash-generative with the majority likely to remain, for the near term, dependent on on-going financial support from a combination of new and existing shareholders. The Company's ability to convert its increasing accrued fund management fees to cash depends on portfolio company "exits" and accompanying cash realization.
For Corporate Finance clients, the Company's efforts are directed at assisting such clients with raising new investment which may run into tens of millions of dollars. There is no certainty of success and considerable time and effort may be expended with unfortunately nil or negligible return.
The Company through one of its subsidiaries holds a significant amount of stock in a Nasdaq quoted company, the price per share of which fluctuates widely. There is no guarantee that when the Company seeks to sell its stock that the price per share will be considered acceptable.
The Company itself continues to trade normally although operations remain largely conducted by remote working amongst the small but dedicated team, supplemented by knowledgeable third parties as and when necessary. Past investment by the Company in systems and processes means that the company continued to operate fully and effectively during the year under review.
 

Analysis using Key Performance Indicators
 
Any investment firm is only as good as the performance of its Funds. With the Company continuing to diversify into transaction-led/ fee generative business and harnessing new revenue streams, its revenue is no longer dependent on management and other fees from its historic Venture Funds. For the Company to be successful in raising new funds and generating management fee income, it must continue to show that its Funds perform better than those of its peer group and the Company believes this to be the case although direct comparison information is hard to come by.
The Company believes that during its move to diversify revenue streams, exploring continents on which to do business and the fact that there is a small core team means that Key Performance Indicators provide no meaningful analysis.
All Companies regulated by the FCA are required to abide by minimum thresholds in capital adequacy and liquidity and continuing to meet these are considered by the Board to be the only essential Key Performance Indicators.

Page 2

 
INNVOTEC LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Section 172(1) statement
 
The Directors have acted in a way that they considered, in good faith, to be the most likely to promote the long­ term success of lnnvotec Limited for the benefit of its members and stakeholders as a whole, and in doing so, had regard, amongst other matters, to:
• the likely consequences of any decision, in the long term; on the interests of the Company's shareholders;
• the interests of the Company's employees;
• the need to foster the Company's business relationships with suppliers, customers and others;
• the impact of the Company's operations on the community and the environment;
• the desirability of the Company maintaining a reputation for high standards of business conduct
• the need to act fairly as between members of the Company and its on-going good standing with its Regulator - the FCA.
The Directors also took into account the views and interests of the wider set of stakeholders, including our portfolio companies and investors in our managed funds.
IS172(1) (A) "The likely consequences of any decision in the long term"
Considering the broadest range of stakeholder interests is an important and integral factor influencing the decisions made by the Board, although, in balancing these different perspectives, it isn't always possible to deliver all parties' desired outcomes. The Board will sometimes engage directly with certain stakeholders on certain issues, but the size and diversity of our stakeholder base means that stakeholder engagement often takes place infrequently, informally and at an operational level.
The Board considers and discusses information received from a variety of sources to help it understand the impact of its decisions on its operations, and the interests and views of key stakeholders. It also reviews strategy, financial and operational performance, as well as information covering areas such as key risks and legal and regulatory compliance. This information is provided to the Board through reports provided at each Board meeting and through in-person presentations. As a result of these activities, the Board has an overview of the Company's engagement with stakeholders and other relevant factors to enable the Directors to comply with their legal duty under section 172 of the Companies Act 2006.
The Directors have put in place, and will continue to put in place, new strategies and plans for their accompanying implementation so as to build a substantial business in the evolving financial services sector in which it operates.
The Board is required by the Regulator to prepare an annual Business Plan and accompanying budget that maps the planned development of lnnvotec Limited over the next three years. This plan is shared with all the Company's relevant stakeholders.
S172(1) (B) "The interests of the company's employees"
The Company has a small core team. and the Directors recognise that lnnvotec Limited employees (including themselves) at all levels, are fundamental to its business and the delivery of its ambitions. The success of the business depends on attracting, retaining, and motivating all employees from the Board downwards. To ensure that the Company remains a responsible employer, with regards to pay and benefits and our health, safety and workplace environment, the Directors factor in the implications of decisions on employees and the wider workforce, where relevant and feasible. 
S172(1) (C) "The need to foster the company's business relationships with suppliers, customers and others"
Delivering the Company's strategy requires strong mutually beneficial relationships with third-parties, shareholders, governments, portfolio companies and clients, both large and small. lnnvotec Limited seeks the promotion and application of certain general principles in such relationships. The ability to effectively promote
Page 3

 
INNVOTEC LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

these principles is an important factor in the decision to enter into or remain in such relationships and this, along with other standards, are described in the Company’s annual Business Plan. The Company continually addresses those with whom it does business and the Board engages with the underlying portfolio companies on these topics. 
The Directors receive information updates from a variety of sources on a variety of topics that indicate and inform how stakeholders have been and will continue to be engaged. Information provided by the Company ranges from the Client-side of its Operations (with clients being provided with regular updates on their portfolios) to information and expertise provided to the portfolio companies, for example, business strategies, projects and investment or divestment proposals.
S172(1) (D) "The impact of the company's operations on the community and the environment"
Corporate citizenship and rigid application of ESG principles is inherent in the Company's strategic thinking, most notably its ambitions to promote a message of positive social, environmental and economic impact throughout its operations. As such, the Board receives information on these topics to both provide the basis for specific Board decisions (e.g. those related to strategic initiatives such as the Female Ventures Fund initiative, our Environmental, Social and Governance (ESG) focused investment strategy, investment or divestment proposals, business strategy reviews and sector entry considerations) and to provide ongoing overviews at operational level. Throughout 2023, the Board focused heavily on re-defining itself and its priorities which culminated in the updated annual Business Plan and in communicating these priorities to stakeholders.
S172(1) (E) "The desirability of the company maintaining a reputation for high standards of business conduct"
lnnvotec aims to meet the world's growing need for investing in exciting sectors that not only provide the potential for significant financial gains for our clients but also demands the investee companies in receipt of investment, to operate in ways that are economically, environmentally and socially responsible. The Board periodically reviews and approves clear frameworks, such as its General Business Principles, Code of Conduct, specific Ethics & Compliance manuals, and its Modern Slavery Statements, to ensure that high standards are maintained both within the business itself and in the business relationships it maintains. This, complemented by the ways in which the Board is informed and monitors compliance and governance with relevant regulatory standards, helps ensure decisions are taken, so that lnnvotec Limited always acts in a way that promotes high standards of business conduct and governance.
S172(1) (F) "The need to act fairly as between members of the Company"
After weighing up all relevant factors, the Directors consider which courses of action best enable delivery of the agreed strategies through the long-term, taking into consideration the impact on stakeholders. In doing so, the Directors aim to act fairly between the Company's members but are not required to balance the Company's interest with those of non-member stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.
 
Culture
The Board recognises that it has an important role in assessing and monitoring that its desired values are embedded in the culture, attitude and behavior that all employees demonstrate, including in their activities and stakeholder relationships. The Board has established honesty, integrity and respect for people as lnnvotec Limited's core values. The General Business Principles, Code of Conduct, and Code of Ethics help everyone at lnnvotec Limited act in line with these values and comply with relevant laws and regulations. The application of the Commitment and Policy on Health, Safety, Security, Environment & Social Performance is designed to help protect the environment and all those with whom the Company comes into contact. At all times we also strive to maintain a diverse and inclusive culture.
The Board considers regular meetings to be one of its principal tools to measure employee engagement, motivation, affiliation and commitment. These provide insights into employee views and have a consistently high contribution from the whole team. The Board also utilises this engagement to survey how outcomes are being
Page 4

 
INNVOTEC LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

leveraged to strengthen internal culture and values.
 
Stakeholder engagement (including employee engagement)
The Board recognises the important role lnnvotec Limited has to play in society and is deeply committed to public collaboration and all-round stakeholder engagement. This commitment is at the heart of the Company's strategic ambitions·. The Board strongly believes that the Company will only succeed by working with clients, governments, its Regulator, business partners, shareholders and other stakeholders. Working together is critical, particularly at a time when society, including businesses, governments, and consumers, faces issues as complex and challenging as climate change, its effect on the global environment and geo-politics.
The Company continues to build on its long track record of working with others, such as clients, industry and trade groups, universities, governments, NGOs and in some instances its competitors, through joint-venture operations and industry bodies. The Company believes that working together, sharing knowledge and experience with others, offers them greater insight into our business. The Company also appreciates its long-term relationships with clients and acknowledges the positive impact of ongoing engagement and dialogue.
To support strengthening the Board's knowledge of the significant levels of engagement undertaken by the broader business, guidance on information, proposals or discussion items provided to the Board is constantly updated. Such guidance was aimed at further promoting and focusing consideration on the views, interests and concerns of the widest stakeholder-base and how these were considered by Management. Board minutes have also reflected key points on stakeholder considerations, where appropriate.
The Board directly engaged with certain stakeholders - to gain a first-hand understanding of their views. Information on how the Directors have engaged with employees can be found in a prior section.

Principal decisions
The Board considers that no principal decisions were made in the year under review.
Were any principal decisions to have been made, the Board would have explained how the Directors engaged with the different key stakeholder groups and how stakeholder interests were considered over the course of the decision-making process.
To remain concise, the Board would have categorised its key stakeholders into five groups. Where appropriate, each group is considered to include both current and potential stakeholders:
Shareholder Community
Employees/Workforce/Pensioners (of which there are none) Regulators/Governments/NGOs
The Communities in which we and our portfolio companies operate
Clients
Suppliers/Strategic Partners
The Company defines principal decisions taken by the Board as those decisions in 2023 and to the date of this Report that are of a strategic nature and that are significant to any of our key stakeholder groups.
How were stakeholders considered?
The Company would have described how regard was given to likely long-term consequences of the Board's decisions, including how stakeholders were considered during the decision-making process.
 

What was the outcome?
 
Page 5

 
INNVOTEC LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


The Company would have described how any accommodations / mitigations were made and, if any, how Directors would have considered different interests and the factors that have been taken into account when arriving at decisions.


This report was approved by the board and signed on its behalf..



M T Qureshi
Director

Date: 13 March 202514 March 2025

Page 6

 
INNVOTEC LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,004,816 (2022 - loss £375,131).

No dividends were declared or paid during the year.

Directors

The directors who served during the year were:

J R Marsden (resigned 29 February 2024)
M T Qureshi 
Orient Drilling & Oilfield Services Limited 
Riverside Investments LLC 

Page 7

 
INNVOTEC LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the Company's auditors are    unaware, and
• the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
 





M T Qureshi
Director

Date: 13 March 2025

Page 8

 
INNVOTEC LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INNVOTEC LIMITED
 

Opinion


We have audited the financial statements of Innvotec Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.


Page 9

 
INNVOTEC LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INNVOTEC LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 10

 
INNVOTEC LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INNVOTEC LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, the directors are 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 directors determine is 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 directors are responsible for assessing the Group's and the parent 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have 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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud.


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 Auditors' Report.


Page 11

 
INNVOTEC LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INNVOTEC LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Stephen Haffner (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants and Statutory Auditors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

14 March 2025
Page 12

 
INNVOTEC LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
492,431
1,050,908

Gross profit
  
492,431
1,050,908

Administrative expenses
  
(1,128,116)
(1,268,818)

Fair value movements
  
(347,305)
(68,685)

Operating loss
 5 
(982,990)
(286,595)

Amounts written off investments
  
-
(83,485)

Interest receivable and similar income
 9 
1,342
3,019

Interest payable and similar expenses
 10 
(23,168)
(18,000)

Loss before taxation
  
(1,004,816)
(385,061)

Tax on loss
 11 
-
9,930

Loss for the financial year
  
(1,004,816)
(375,131)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(1,004,816)
(375,131)

  
(1,004,816)
(375,131)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 23 to 42 form part of these financial statements.

Page 13

 
INNVOTEC LIMITED
REGISTERED NUMBER: 02030086

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
17,552
21,889

Tangible assets
 13 
4,091
4,529

Fixed asset investments
  
25,477
170,374

  
47,120
196,792

Current assets
  

Debtors: amounts falling due within one year
 15 
1,254,340
2,101,362

Cash at bank and in hand
 16 
105,910
228,759

  
1,360,250
2,330,121

Creditors: amounts falling due within one year
 17 
(912,561)
(1,042,638)

Net current assets
  
 
 
447,689
 
 
1,287,483

Total assets less current liabilities
  
494,809
1,484,275

Provisions for liabilities
  

Other provisions
 19 
(140,610)
(140,610)

  
 
 
(140,610)
 
 
(140,610)

Net assets
  
354,199
1,343,665


Capital and reserves
  

Called up share capital 
 20 
3,833,634
3,818,284

Profit and loss account
 21 
(3,479,435)
(2,474,619)

  
354,199
1,343,665


Page 14

 
INNVOTEC LIMITED
REGISTERED NUMBER: 02030086
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M T Qureshi
Director


Date: 13 March 202514 March 2025

The notes on pages 23 to 42 form part of these financial statements.

Page 15

 
INNVOTEC LIMITED
REGISTERED NUMBER: 02030086

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
17,551
21,889

Tangible assets
 13 
4,091
4,529

Investments
 14 
3,807
308

  
25,449
26,726

Current assets
  

Debtors: amounts falling due within one year
 15 
1,279,941
2,101,358

Cash at bank and in hand
 16 
105,910
228,759

  
1,385,851
2,330,117

Creditors: amounts falling due within one year
 17 
(1,012,831)
(1,142,777)

Net current assets
  
 
 
373,020
 
 
1,187,340

Total assets less current liabilities
  
398,469
1,214,066

  

Provisions for liabilities
  

Other provisions
 19 
(140,610)
(140,610)

  
 
 
(140,610)
 
 
(140,610)

Net assets
  
257,859
1,073,456


Capital and reserves
  

Called up share capital 
 20 
3,833,634
3,818,284

Profit and loss account
  
(3,575,775)
(2,744,828)

  
257,859
1,073,456


Page 16

 
INNVOTEC LIMITED
REGISTERED NUMBER: 02030086
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M T Qureshi
Director

Date: 13 March 202514 March 2025

The notes on pages 23 to 42 form part of these financial statements.

Page 17

 
INNVOTEC LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
2,729,655
(2,099,488)
630,167



Loss for the year
-
(375,131)
(375,131)

Shares issued during the year
1,088,629
-
1,088,629



At 1 January 2023
3,818,284
(2,474,619)
1,343,665



Loss for the year
-
(1,004,816)
(1,004,816)

Shares issued during the year
15,350
-
15,350


At 31 December 2023
3,833,634
(3,479,435)
354,199


The notes on pages 23 to 42 form part of these financial statements.

Page 18

 
INNVOTEC LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
2,729,655
(2,432,657)
296,998



Loss for the year
-
(312,171)
(312,171)

Shares issued during the year
1,088,629
-
1,088,629



At 1 January 2023
3,818,284
(2,744,828)
1,073,456



Loss for the year
-
(830,947)
(830,947)

Shares issued during the year
15,350
-
15,350


At 31 December 2023
3,833,634
(3,575,775)
257,859


The notes on pages 23 to 42 form part of these financial statements.

Page 19

 
INNVOTEC LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(1,004,816)
(375,131)

Adjustments for:

Amortisation of intangible assets
4,338
1,185

Depreciation of tangible assets
988
5,423

Loss on disposal of tangible assets
-
1,393

Interest paid
23,168
18,000

Interest received
(1,342)
(3,019)

Decrease/(increase) in debtors
805,540
(812,903)

(Decrease) in creditors
(120,178)
(29,282)

Net fair value losses recognised in P&L
347,279
18,475

Other non-cash movements
-
(4,144)

Non-cash adjustment
41,140
-

Corporation tax (paid)/received
(9,532)
9,930

Net cash generated from operating activities

86,585
(1,170,073)


Cash flows from investing activities

Purchase of tangible fixed assets
(550)
(1,202)

Purchase of listed investments
(202,408)
165

Sale of listed investments
-
50,000

Interest received
1,342
3,019

Net cash from investing activities

(201,616)
51,982

Cash flows from financing activities

Issue of ordinary shares
15,350
1,088,629

Interest paid
(23,168)
(18,000)

Net cash used in financing activities
(7,818)
1,070,629

Net (decrease) in cash and cash equivalents
(122,849)
(47,462)

Cash and cash equivalents at beginning of year
228,759
276,221

Cash and cash equivalents at the end of year
105,910
228,759


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
105,910
228,759

105,910
228,759

Page 20

 
INNVOTEC LIMITED
 

The notes on pages 23 to 42 form part of these financial statements.

Page 21

 
INNVOTEC LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

228,759

(122,849)

105,910

Debt due within 1 year

(471,956)

(133,076)

(605,032)


(243,197)
(255,925)
(499,122)

The notes on pages 23 to 42 form part of these financial statements.

Page 22

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Innvotec Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is 101 New Cavendish Street, 1st Floor South, London W1W 6XH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2015.

Page 23

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Group continues with its policy of diversification away from traditional fund management to Corporate Finance with strategic fund management.
To its core activity of being an Alternative Investment Fund Manager, the Group has added Corporate Finance and the Group's immediate focus is on generating transactional income for which it is well equipped through its international network of shareholders and third parties.
The directors are confident that they are taking the neccessary steps in connection with the recovery of portfolio company monitoring and accrued management fees, a major percentage of which has been outstanding for some time. Ongoing and increased effort will be directed at their recovery but there remains considerable uncertainty over the timing of when these will be recovered given the age of these debts. Ultimate recovery can be impacted by the future performance of these investee companies.
The directors continue to have a reasonable expectation that the Group has adequate resources to continue in operational existence for the forseeable future through its existing reserves, on-going support from its shareholders and increasing revenue.
The Group therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 24

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue represents the priority profit share from acting as a general partner in limited partnership venture capital funds, management fees for EIS and SEIS funds, fees for sevices provided to portfolio companies within its managed funds, and fees from contracts to provide corporate finance services.
Revenue is recognised when earned and to the extent that the company obtains the right to consideration in exchange for its performance under the contracts with the venture capital funds that it manages, its contracts to provide other management services to both its managed funds and the underlying portfolio companies and its contracts to provide corporate finance services. Revenue is measured at the fair value of the consideration received or receivable for such services.
Revenue is generally recognised as contractual activity progresses so that for contracts for existing funds it reflects partial performance on the contractual obligations in the Profit and Loss account. For such contracts, the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed as at the financial year end.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 25

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.


 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Software
-
20%
reducing balance

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 26

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Page 27

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Page 28

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The bad debt provision is calculated based on the Directors' assessment of whether these amounts will be recoverable using their knowledge of the customers and their ability to repay their debts.

Page 29

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to financial services.

All turnover arose from activity carried out from within the United Kingdom..


5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
19,397
19,630


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
16,000
16,000

Fees payable to the Company's auditors and their associates in respect of:

Accountancy fees
18,692
15,043

Page 30

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
242,549
295,865
242,549
295,865

Social security costs
17,363
27,567
17,363
27,567

Cost of defined contribution scheme
3,352
4,612
3,352
4,612

263,264
328,044
263,264
328,044


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration and management
3
5

The Company has one employee other than the directors.

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
117,000
119,750

117,000
119,750


The highest paid director received remuneration of £47,250 (2022 - £72,000).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
1,342
3,019

1,342
3,019

Page 31

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
23,168
18,000

23,168
18,000

Page 32

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
(9,930)

-
(9,930)



Taxation on profit/(loss) on ordinary activities
-
(9,930)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(1,004,816)
(385,061)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(251,204)
(73,162)

Effects of:


Unrelieved tax losses carried forward
227,879
73,162

Surrendered to group company
23,325
(9,930)

Total tax charge for the year
-
(9,930)

Page 33

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets

Group





Computer software

£



Cost


At 1 January 2023
37,140



At 31 December 2023

37,140



Amortisation


At 1 January 2023
15,251


Charge for the year on owned assets
4,338



At 31 December 2023

19,589



Net book value



At 31 December 2023
17,551



At 31 December 2022
21,889



Page 34

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           12.Intangible assets (continued)

Company




Computer software

£



Cost


At 1 January 2023
37,140



At 31 December 2023

37,140



Amortisation


At 1 January 2023
15,251


Charge for the year
4,338



At 31 December 2023

19,589



Net book value



At 31 December 2023
17,551



At 31 December 2022
21,889

Page 35

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Plant and machinery

£



Cost or valuation


At 1 January 2023
7,230


Additions
550



At 31 December 2023

7,780



Depreciation


At 1 January 2023
2,701


Charge for the year on owned assets
988



At 31 December 2023

3,689



Net book value



At 31 December 2023
4,091



At 31 December 2022
4,529

Page 36

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Company






Plant and machinery

£

Cost or valuation


At 1 January 2023
7,230


Additions
550



At 31 December 2023

7,780



Depreciation


At 1 January 2023
2,701


Charge for the year on owned assets
988



At 31 December 2023

3,689



Net book value



At 31 December 2023
4,091



At 31 December 2022
4,529






Page 37

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Group





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 January 2023
-
170,374
170,374


Additions
3,500
198,908
202,408


Revaluations
-
(347,305)
(347,305)



At 31 December 2023
3,500
21,977
25,477






Net book value



At 31 December 2023
3,500
21,977
25,477



At 31 December 2022
-
170,374
170,374

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
308


Additions
3,500



At 31 December 2023
3,808






Net book value



At 31 December 2023
3,808



At 31 December 2022
308

Page 38

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Innvotec Trustee Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Innvotec Online Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Minster (West Midlands) Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Innvotec Corporate Ventures Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Innvotec ESOP Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Innvotec Managers Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Innvotec (Nominees) Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Innvotec Investments Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Innvotec Investments Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Innvotec Trustee Limited
2
-

Innvotec Online Limited
2
-

Minster (West Midlands) Limited
100
-

Innvotec Corporate Ventures Limited
2
-

Innvotec ESOP Limited
2
-

Innvotec Managers Limited
100
-

Innvotec (Nominees) Limited
100
-

-
-

Innvotec Investments Limited
121,813
(148,397)

Page 39

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
158,437
221,193
158,566
221,191

Other debtors
41,197
158,070
66,669
158,067

Prepayments and accrued income
1,054,706
1,722,099
1,054,706
1,722,100

1,254,340
2,101,362
1,279,941
2,101,358



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
105,910
228,759
105,910
228,759

105,910
228,759
105,910
228,759



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
347,637
300,000
347,637
300,000

Trade creditors
42,120
17,167
42,120
17,167

Amounts owed to group undertakings
-
-
100,271
100,142

Corporation tax
-
9,532
-
9,532

Other taxation and social security
82,995
80,333
82,995
80,334

Other creditors
272,274
205,395
272,273
205,393

Accruals and deferred income
167,535
430,211
167,535
430,209

912,561
1,042,638
1,012,831
1,142,777


Page 40

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
127,887
399,133
-
228,759




19.


Provisions


Group






Monitoring fees

£





At 1 January 2023
140,610



At 31 December 2023
140,610

Company





Monitoring fees
Total

£
£





At 1 January 2023
140,610
140,610



At 31 December 2023
140,610
140,610

Page 41

 
INNVOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



346,495,000 (2022 - 344,960,000) A Ordinary shares of £0.01 each
3,464,950
3,449,600
368,684 (2022 - 368,684) Ordinary shares of £1.00 each
368,684
368,684

3,833,634

3,818,284


During the year, the Company issued 1,535,018 ordinary shares with a nominal value of £0.01 at par  for consideration of £15,350.


21.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £3,352 (2022 - £4,612) . Contributions totalling £1,460 (2022 - £948) were payable to the fund at the balance sheet date and are included in creditors.


23.


Related party transactions

At the end of the year there was a balance due to a director of £134,191 (2022: £118,689).
At the end of the year there was a balance due to a director of £65,090 (2022: £17,105).
At the end of the year, there was a balance due from a former director of £41,487 (2022: £64,313).  
At the end of the year there was a balance due to a former director of £8,324 (2022: 8,453). 
At the end of the year there was a balance due to a former director of £27,709 (2021: £27,709) through a related party.  

 
Page 42