IRIS Accounts Production v24.2.0.383 10528846 director 31.3.24 1.4.23 31.3.24 31.3.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. the supply of computer hardware, software and support. ++ The principal activity of the company in the year under review was that of a holding company. true true false true true false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh105288462023-03-31105288462024-03-31105288462023-04-012024-03-31105288462022-03-31105288462022-04-012023-03-31105288462023-03-3110528846ns15:EnglandWales2023-04-012024-03-3110528846ns14:PoundSterling2023-04-012024-03-3110528846ns10:Director12023-04-012024-03-3110528846ns10:Consolidated2024-03-3110528846ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3110528846ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3110528846ns10:Consolidatedns10:MediumEntities2023-04-012024-03-3110528846ns10:Consolidatedns10:Audited2023-04-012024-03-3110528846ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110528846ns10:Consolidated2023-04-012024-03-3110528846ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3110528846ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3110528846ns10:FullAccounts2023-04-012024-03-311052884612023-04-012024-03-3110528846ns10:OrdinaryShareClass12023-04-012024-03-3110528846ns10:RegisteredOffice2023-04-012024-03-3110528846ns10:Consolidated2022-04-012023-03-3110528846ns5:CurrentFinancialInstruments2024-03-3110528846ns5:CurrentFinancialInstruments2023-03-3110528846ns5:Non-currentFinancialInstruments2024-03-3110528846ns5:Non-currentFinancialInstruments2023-03-3110528846ns5:ShareCapital2024-03-3110528846ns5:ShareCapital2023-03-3110528846ns5:CapitalRedemptionReserve2024-03-3110528846ns5:CapitalRedemptionReserve2023-03-3110528846ns5:RetainedEarningsAccumulatedLosses2024-03-3110528846ns5:RetainedEarningsAccumulatedLosses2023-03-3110528846ns5:ShareCapital2022-03-3110528846ns5:RetainedEarningsAccumulatedLosses2022-03-3110528846ns5:CapitalRedemptionReserve2022-03-3110528846ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3110528846ns5:CapitalRedemptionReserve2022-04-012023-03-3110528846ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3110528846ns5:CapitalRedemptionReserve2023-04-012024-03-3110528846ns5:NetGoodwill2023-04-012024-03-3110528846ns5:LeaseholdImprovements2023-04-012024-03-3110528846ns5:FurnitureFittings2023-04-012024-03-3110528846ns5:ComputerEquipment2023-04-012024-03-3110528846ns5:CostValuation2023-03-3110528846ns5:AdditionsToInvestments2024-03-3110528846ns5:CostValuation2024-03-3110528846ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3110528846ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3110528846ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-03-3110528846ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-03-3110528846ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3110528846ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3110528846ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 10528846 (England and Wales)















INNOV8 TECHNOLOGY (GROUP) LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 17


INNOV8 TECHNOLOGY (GROUP) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: C S Maher





REGISTERED OFFICE: Unit A5 Riverview
Heaton Mersey
Stockport
Cheshire
SK4 3GN





REGISTERED NUMBER: 10528846 (England and Wales)





AUDITORS: DJH Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The director presents his strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The group achieved consolidated revenue of £12.01m for the financial year with increased revenue as a result of organic growth and acquisition.

The group has aspirations for continued growth via strategic acquisitions and organic growth.

The primary risks to the business relate to the continued uncertainty in the overall UK economy, inflationary pressures and other global factors impacting operational conditions and business confidence.

PRINCIPAL RISKS AND UNCERTAINTIES
The execution of the group strategy and management of the business are subject to a number of risks, mainly being the impact of economic factors and competition within the sector. This is managed by maintaining a close control of overhead and investment in staff training.

Liquidity Risk
In terms of financial risk management, the group considers that it has limited exposure to the various aspects of financial risk. The group aims to mitigate liquidity risk by closely managing the cash generated by its operating business.

Interest Rate Risk
The group's exposure to interest rate risk relates primarily to the group's long term and short term financial instruments. However, the director does not consider this to be a significant risk.

Foreign Currency Risk
The group trades primarily in the UK, therefore the level of foreign currency risk is extremely low.

KEY PERFORMANCE INDICATORS
Given the nature of the business, the director is of the opinion that analysis using KPI's other than revenue and profit is not necessary for an understanding of the performance of the business.

FUTURE DEVELOPMENTS
As we look ahead our focus remains on innovation, scalability and resilience in an evolving digital landscape. We continue to develop our systems to provide a better customer experience and deliver value to our customers. We are also continually enhancing our software offerings to meet the increasing demand for automation and data driven decision making.

Operational efficiency and sustainability will also remain central to our strategy, and we continue to invest in green technologies to reduce our carbon footprint.

ON BEHALF OF THE BOARD:





C S Maher - Director


10 March 2025

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024


The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £50,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
C S Maher held office during the whole of the period from 1 April 2023 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the group's strategic report information which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the report of the directors.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:



C S Maher - Director


10 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INNOV8 TECHNOLOGY (GROUP) LIMITED


Opinion
We have audited the financial statements of Innov8 Technology (Group) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's profit 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 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 group's and 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 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 Group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INNOV8 TECHNOLOGY (GROUP) LIMITED


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 Group 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 Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.
The comparative figures within the financial statements of the group and company as at 31 March 2023 were unaudited.

In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors has 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 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 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 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 three, 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 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INNOV8 TECHNOLOGY (GROUP) LIMITED


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:

As part of our planning process:
- We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006 and General Data Protection Regulations (GDPR).
- We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries, in particular those that were significant or unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to provision for bad debts, deferred revenue and depreciation.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Testing key revenue lines for evidence of management bias.
- Performing a physical verification of key assets.
- Obtaining third-party confirmation of material bank and loan balances.
- Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation such as the company board minutes, for discussions of irregularities including fraud.
- Reviewing all material consolidation journals.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with management.

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
INNOV8 TECHNOLOGY (GROUP) 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.




Richard Taylor (Senior Statutory Auditor)
for and on behalf of DJH Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

13 March 2025

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
(Unaudited)
Notes £    £   

REVENUE 3 12,008,087 8,326,132

Cost of sales (8,831,979 ) (4,600,914 )
GROSS PROFIT 3,176,108 3,725,218

Administrative expenses (2,609,219 ) (1,965,800 )
OPERATING PROFIT 5 566,889 1,759,418

Interest receivable and similar income 31,988 10,498
598,877 1,769,916

Interest payable and similar expenses 6 (139,359 ) (98,225 )
PROFIT BEFORE TAXATION 459,518 1,671,691

Tax on profit 7 (102,946 ) (357,297 )
PROFIT FOR THE FINANCIAL YEAR 356,572 1,314,394

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

356,572

1,314,394

Profit attributable to:
Owners of the parent 356,572 1,314,394

Total comprehensive income attributable to:
Owners of the parent 356,572 1,314,394

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
(Unaudited)
Notes £    £   
FIXED ASSETS
Intangible assets 10 4,364,383 4,653,605
Tangible assets 11 503,157 504,386
Investments 12 - -
4,867,540 5,157,991

CURRENT ASSETS
Inventories 13 84,935 48,559
Debtors 14 5,665,229 5,065,045
Cash at bank and in hand 2,669,797 2,193,544
8,419,961 7,307,148
CREDITORS
Amounts falling due within one year 15 (5,673,737 ) (5,601,136 )
NET CURRENT ASSETS 2,746,224 1,706,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,613,764

6,864,003

CREDITORS
Amounts falling due after more than one
year

16

(2,183,639

)

(1,768,375

)

PROVISIONS FOR LIABILITIES 20 (111,349 ) (83,424 )
NET ASSETS 5,318,776 5,012,204

CAPITAL AND RESERVES
Called up share capital 21 24,231 24,231
Capital redemption reserve 22 24,231 24,231
Retained earnings 22 5,270,314 4,963,742
SHAREHOLDERS' FUNDS 5,318,776 5,012,204

The financial statements were approved by the director and authorised for issue on 10 March 2025 and were signed by:





C S Maher - Director


INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

COMPANY STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
(Unaudited)
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 8,750,086 8,325,078
8,750,086 8,325,078

CURRENT ASSETS
Debtors 14 1,713,460 1,393,164
Cash at bank 3,253 19,721
1,716,713 1,412,885
CREDITORS
Amounts falling due within one year 15 (6,453,274 ) (6,108,193 )
NET CURRENT LIABILITIES (4,736,561 ) (4,695,308 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,013,525

3,629,770

CREDITORS
Amounts falling due after more than one
year

16

(2,136,398

)

(1,747,545

)
NET ASSETS 1,877,127 1,882,225

CAPITAL AND RESERVES
Called up share capital 21 24,231 24,231
Capital redemption reserve 24,231 24,231
Retained earnings 1,828,665 1,833,763
SHAREHOLDERS' FUNDS 1,877,127 1,882,225

Company's profit/(loss) for the financial year 44,902 (46,147 )

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

The financial statements were approved by the director and authorised for issue on 10 March 2025 and were signed by:





C S Maher - Director


INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 24,231 3,699,348 24,231 3,747,810

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 1,314,394 - 1,314,394
Balance at 31 March 2023 24,231 4,963,742 24,231 5,012,204

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 356,572 - 356,572
Balance at 31 March 2024 24,231 5,270,314 24,231 5,318,776

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 24,231 1,929,910 24,231 1,978,372

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - (46,147 ) - (46,147 )
Balance at 31 March 2023 24,231 1,833,763 24,231 1,882,225

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 44,902 - 44,902
Balance at 31 March 2024 24,231 1,828,665 24,231 1,877,127

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,524,528 2,259,647
Interest paid (135,733 ) (96,099 )
Interest element of hire purchase payments
paid

(3,626

)

(2,126

)
Tax paid (212,060 ) (348,842 )
Net cash from operating activities 1,173,109 1,812,580

Cash flows from investing activities
Purchase of property, plant & equipment (16,105 ) (18,190 )
Purchase of business (1,193,411 ) (2,962,248 )
Interest received 31,988 10,498
Net cash from investing activities (1,177,528 ) (2,969,940 )

Cash flows from financing activities
New loans in year 545,000 1,868,601
Loan repayments in year (24,278 ) (1,111,796 )
Capital repayments in year (9,910 ) (9,998 )
Amount introduced by director 31,255 26,060
Amount withdrawn by director (62,462 ) (44,060 )
Net cash from financing activities 479,605 728,807

Increase/(decrease) in cash and cash equivalents 475,186 (428,553 )
Cash and cash equivalents at beginning of
year

2

2,193,544

2,622,097

Cash and cash equivalents at end of year 2 2,668,730 2,193,544

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
(Unaudited)
£    £   
Profit before taxation 459,518 1,671,691
Depreciation charges 692,266 438,045
Finance costs 139,359 98,225
Finance income (31,988 ) (10,498 )
1,259,155 2,197,463
Decrease in inventories 25,574 18,475
(Increase)/decrease in trade and other debtors (349,938 ) 3,888,592
Increase/(decrease) in trade and other creditors 589,737 (3,844,883 )
Cash generated from operations 1,524,528 2,259,647

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,669,797 2,193,544
Bank overdrafts (1,067 ) -
2,668,730 2,193,544
Year ended 31 March 2023
31.3.23 1.4.22
(Unaudited)
£    £   
Cash and cash equivalents 2,193,544 2,622,097


INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 2,193,544 476,253 2,669,797
Bank overdrafts - (1,067 ) (1,067 )
2,193,544 475,186 2,668,730
Debt
Finance leases (30,828 ) 9,910 (20,918 )
Debts falling due within 1 year (159,260 ) (95,547 ) (254,807 )
Debts falling due after 1 year (1,747,545 ) (425,175 ) (2,172,720 )
(1,937,633 ) (510,812 ) (2,448,445 )
Total 255,911 (35,626 ) 220,285

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Innov8 Technology (Group) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10528846 and the company's registered office address is Unit A5 Riverview, Heaton Mersey, Stockport, England, SK4 3GN.

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.

Basis of consolidation
The group financial statements consolidate those of Innov8 Technology (Group) Limited and its subsidiary undertakings made up to 31 March 2024.

Subsidiary undertakings acquired are accounted for under the acquisition method and their results included from the acquisition date.

Significant judgements and estimates
In the application of the group's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

The director uses judgement to provide against bad debts using knowledge of customers and experience. These provisions are revisited after the statement of financial position date to ensure appropriate.

Making judgement on the level of revenue to defer at the year end is considered a key estimate and is based on the level of the sales contract left due to the customer at the year-end date.

Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

Revenue
Revenue represents the value of goods and services provided in the year, excluding value added tax and discounts. Sale of goods are recognised when the company has delivered the products to the customer. Service revenues are recognised as those services are provided to customers.

Support contracts that run for a period beyond the financial year end have been apportioned on a time basis.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various businesses, is being amortised over its estimated useful life of 10 years.

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost and over the period of the lease
Fixtures and fittings - 50% on cost, 25% on cost, 25% on reducing balance and 10% straight line
Computer equipment - 25% straight line and 25% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less accumulated impairment.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is deemed as actual purchase price.

Financial instruments
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Assets held under hire purchase are initially recognised as assets of the company at their fair value at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position. Lease payments are apportioned between finance expenses and reduction of the hire purchase obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in the income statement.

Operating lease expenditure is charged to the income statement evenly across the lease term.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the group.

Income from fixed asset investments
Income from fixed asset investments is received in the form of dividends and is credited to the income statement when received.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

An analysis of revenue by class of business is given below:

2024 2023
(Unaudited)
£    £   
Software 3,340,690 1,108,644
Hardware 986,606 888,945
Miscellaneous 1,102,931 1,156,196
Support contracts 6,577,860 5,172,347
12,008,087 8,326,132

Substantially all revenue arose within the UK & Ireland.

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
(Unaudited)
£    £   
Wages and salaries 3,313,186 1,749,414
Social security costs 371,195 219,264
Other pension costs 121,139 62,379
3,805,520 2,031,057

The average number of employees during the year was as follows:
2024 2023
(Unaudited)

Administrative 15 10
Sales 10 7
Engineers 40 26
65 43

The average number of employees by undertakings that were proportionately consolidated during the year was 65 (2023 - 43 ) .

2024 2023
(Unaudited)
£    £   
Director's remuneration 123,651 51,697

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
(Unaudited)
£    £   
Hire of plant and machinery 137,069 79,130
Other operating leases - 2,318
Depreciation - owned assets 16,056 26,468
Depreciation - assets on hire purchase contracts 1,278 1,280
Goodwill amortisation 674,932 423,182
Foreign exchange differences 14,795 (11,825 )
Auditors remuneration 18,000 -

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Interest payable 130,607 66,829
Other interest 5,126 29,270
Hire purchase interest 3,626 2,126
139,359 98,225

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 274,018 357,922
Underprovision in Prior Year (62,677 ) -
R&D tax credit (136,320 ) -
Total current tax 75,021 357,922

Deferred tax 27,925 (625 )
Tax on profit 102,946 357,297

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
(Unaudited)
£    £   
Profit before tax 459,518 1,671,691
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

114,880

317,621

Effects of:
Expenses not deductible for tax purposes 6,427 1,139
Capital allowances in excess of depreciation - (1,084 )
Depreciation in excess of capital allowances 11,903 -
Adjustments to tax charge in respect of previous periods (62,677 ) 53,573
Goodwill amortisation disallowed 168,733 80,405
Other timing differences - (94,357 )
R&D tax credits received (136,320 ) -
Total tax charge 102,946 357,297

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
(Unaudited)
£    £   
Ordinary shares of £1 each
Interim 50,000 50,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023 6,882,599
Additions 385,710
At 31 March 2024 7,268,309
AMORTISATION
At 1 April 2023 2,228,994
Amortisation for year 674,932
At 31 March 2024 2,903,926
NET BOOK VALUE
At 31 March 2024 4,364,383
At 31 March 2023 4,653,605

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 435,791 76,242 233,494 745,527
Additions 1,396 5,951 8,758 16,105
At 31 March 2024 437,187 82,193 242,252 761,632
DEPRECIATION
At 1 April 2023 2,317 27,730 211,094 241,141
Charge for year 1,450 3,845 12,039 17,334
At 31 March 2024 3,767 31,575 223,133 258,475
NET BOOK VALUE
At 31 March 2024 433,420 50,618 19,119 503,157
At 31 March 2023 433,474 48,512 22,400 504,386

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Improvements
to
property
£   
COST
At 1 April 2023
and 31 March 2024 51,191
DEPRECIATION
At 1 April 2023 2,108
Charge for year 1,278
At 31 March 2024 3,386
NET BOOK VALUE
At 31 March 2024 47,805
At 31 March 2023 49,083

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023 8,325,078
Additions 425,008
At 31 March 2024 8,750,086
NET BOOK VALUE
At 31 March 2024 8,750,086
At 31 March 2023 8,325,078


Subsidiary undertakings

Name
Country of
incorporation
Class of
shares

Holding

Principal activity
Innov8 Technology
Limited
United Kingdom Ordinary 100% Computer hardware, software and support
services
Millennium Data
Holdings Limited
United Kingdom Ordinary 100% Dormant
Viking Management
Systems Limited*
United Kingdom Ordinary 100% Dormant
Wharncliffe Business
Systems Limited
United Kingdom Ordinary 100% Dormant
Loria Consulting Limited United Kingdom Ordinary 100% Dormant
*held via Millennium Data Holdings Limited

13. INVENTORIES

Group
2024 2023
(Unaudited
£    £   
Inventories 84,935 48,559

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
(Unaudited) (Unaudited)
£    £    £    £   
Trade debtors 2,644,919 2,416,623 - -
Amounts owed by group undertakings - - 747,721 747,721
Amounts owed by participating interests 2,865,421 2,225,524 930,199 335,490
Other debtors 133,484 297,254 35,540 293,393
Directors' current accounts - 16,560 - 16,560
Prepayments 21,405 109,084 - -
5,665,229 5,065,045 1,713,460 1,393,164

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
(Unaudited) (Unaudited)
£    £    £    £   
Bank loans and overdrafts (see note 17) 255,874 159,260 227,628 159,260
Hire purchase contracts (see note 18) 9,999 9,998 - -
Trade creditors 410,419 428,356 - -
Amounts owed to group undertakings - - 5,580,440 4,537,557
Corporation tax 259,199 396,238 - -
Social security and other taxes 366,485 385,764 - -
Other creditors 779,188 1,449,105 642,973 1,411,376
Directors' current accounts 2,233 - 2,233 -
Accruals and deferred income 3,590,340 2,772,415 - -
5,673,737 5,601,136 6,453,274 6,108,193

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
(Unaudited) (Unaudited)
£    £    £    £   
Bank loans (see note 17) 2,172,720 1,747,545 2,136,398 1,747,545
Hire purchase contracts (see note 18) 10,919 20,830 - -
2,183,639 1,768,375 2,136,398 1,747,545

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
(Unaudited) (Unaudited)
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,067 - - -
Bank loans 254,807 159,260 227,628 159,260
255,874 159,260 227,628 159,260
Amounts falling due between one and two years:
Bank loans - 1-2 years 244,629 159,261 229,177 159,261
Amounts falling due between two and five years:
Bank loans - 2-5 years 690,528 477,782 669,658 477,782
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,237,563 1,110,502 1,237,563 1,110,502

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year 9,999 9,998
Between one and five years 10,919 20,830
20,918 30,828

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
(Unaudited)
£    £   
Within one year 189,141 228,384
Between one and five years 571,372 628,767
In more than five years 404,629 536,976
1,165,142 1,394,127

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
(Unaudited
£    £   
Hire purchase contracts 20,918 30,828

Hire purchase liabilities are secured over the assets to which they relate.

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
(Unaudited
£    £   
Deferred tax 111,349 83,424

Group
Deferred
tax
£   
Balance at 1 April 2023 83,424
Provided during year 27,925
Balance at 31 March 2024 111,349

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
24,231 Ordinary £1 24,231 24,231

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


22. RESERVES

Capital redemption reserve Non-distributable reserve arising on purchase of own shares.
Retained earnings All other distributable, accumulated profits or losses.

23. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
(Unaudited)
£    £   
C S Maher
Balance outstanding at start of year 16,560 48,560
Amounts advanced 31,207 18,000
Amounts repaid (50,000 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,233 ) 16,560

The above advances were unsecured, interest free and repaid in full in the year. During the year there were no individual advances that were considered by the director to be material. The maximum overdrawn balance was £47,767 (2023 - £62,060).

24. RELATED PARTY DISCLOSURES

Other related parties

Amounts included in debtors due from other related parties under common control as at the year end was £2,865,421 (2023: £2,225,524).

The balance is interest free and repayable on demand.

The company also paid rent totalling £138,000 (2023: £129,000) to a related party.

During the year, a total of key management personnel compensation of £ 593,895 was paid.

25. POST BALANCE SHEET EVENTS

In May 2024, Innov8 Technology (Group) Limited acquired the share capital of Century Software Limited, a company registered in England & Wales.

In September 2024, Innov8 Technology (Group) Limited acquired the share capital of Acorn IT Solutions Limited, a company registered in Northern Ireland.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be C S Maher by way of ownership of shares in Innov8 Technology (Group) Limited.

INNOV8 TECHNOLOGY (GROUP) LIMITED (REGISTERED NUMBER: 10528846)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


27. BUSINESS COMBINATION

On 4 April 2023 Innov8 Technology (Group) Limited completed the acquisition of 100% of the share capital of Loria Consulting Limited, a business operating in the supply of computer hardware and software, for a total consideration of £422,893. As a result of the acquisition, the group is expected to increase its presence in the market and achieve cross selling in the enlarged group. It also expects to reduce certain costs through economies of scale. The following table summarises the fair value of assets acquired, and liabilities assumed at the acquisition date:

Book value Adjustments Fair value
£ £ £

Property, plant and equipment 17,637 - 17,637
Cash and cash equivalents 1,040 - 1,040
Inventories 61,950 - 61,950
Trade and other receivables 198,129 - 198,129
Trade and other payables (239,458 ) - (239,458 )
Total provisional fair value 39,298 - 39,298
Capitalised acquisition costs (2,115 )
Total Consideration (422,893 )
Goodwill 385,710

The goodwill of £385,710 comprises the value of the cross-selling opportunities as well as the expected synergies arising from the acquisition, which will be amortised over a 10-year period on a straight-line basis.

On 17 November 2022 Innov8 Technology (Group) Limited completed the acquisition of 100% of the share capital of Wharncliffe Business Systems Limited, a business operating in the supply of computer hardware and software, for a total consideration of £4,327,692. As a result of the acquisition, the group is expected to increase its presence in the market and achieve cross selling in the enlarged group. It also expects to reduce certain costs through economies of scale. The following table summarises the fair value of assets acquired, and liabilities assumed at the acquisition date:

Book value Adjustments Fair value
£ £ £

Property, plant and equipment 61,779 - 61,779
Cash and cash equivalents 467,500 - 467,500
Inventories 28,044 - 28,044
Trade and other receivables 1,295,538 - 1,295,538
Trade and other payables (1,133,743 ) - (1,133,743 )
Total provisional fair value 719,118 - 719,118
Capitalised acquisition costs (45,932 )
Total Consideration (4,327,692 )
Goodwill 3,654,506

The goodwill of £3,654,506 comprises the value of the cross-selling opportunities as well as the expected synergies arising from the acquisition, which will be amortised over a 10-year period on a straight-line basis.