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Company Registration No. NI692285 (Northern Ireland)
Inniovate Ltd Unaudited accounts for the period from 1 November 2023 to 31 December 2024
Inniovate Ltd Unaudited accounts Contents
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Inniovate Ltd Company Information for the period from 1 November 2023 to 31 December 2024
Directors
John MacMahon Emmet Hogan
Company Number
NI692285 (Northern Ireland)
Registered Office
2-4 Loy Street Cookstown BT80 8PE Northern Ireland
Accountants
Satori Accounting 11 Orchard Business Park Pennyburn Industrial Estate Derry Northern Ireland BT48 0LU
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Inniovate Ltd Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,353 
- 
Investments
331,276 
268,800 
333,629 
268,800 
Current assets
Inventories
154,399 
513 
Debtors
19,016 
155 
Cash at bank and in hand
62,335 
7,537 
235,750 
8,205 
Creditors: amounts falling due within one year
(51,701)
(3,010)
Net current assets
184,049 
5,195 
Total assets less current liabilities
517,678 
273,995 
Creditors: amounts falling due after more than one year
(678,205)
(288,725)
Net liabilities
(160,527)
(14,730)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(160,627)
(14,830)
Shareholders' funds
(160,527)
(14,730)
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by
John MacMahon Director Company Registration No. NI692285
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Inniovate Ltd Notes to the Accounts for the period from 1 November 2023 to 31 December 2024
1
Statutory information
Inniovate Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI692285. The registered office is 2-4 Loy Street, Cookstown, BT80 8PE, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Prior period adjustment
The financial statements for year ending 31 December 2024 include adjustments to the previous period. There were costs incurred outside the company relating to its startup activity, including a 60% acquisition of shares in a subsidiary undertaking. All figures in the comparatives in the financial statements are restated accordingly. Opening reserves are reduced by £14,830 as a result of the prior period adjustments.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Investments
Investments in shares are included at fair value as assessed by the directors.
Inventories
Inventories have been valued by the directors at the lower of cost and estimated selling price less costs to complete and sell.
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Inniovate Ltd Notes to the Accounts for the period from 1 November 2023 to 31 December 2024
Going concern
The company has incurred losses to date and there is an accumulated deficit on the balance sheet. Liabilities exceed assets at the year-end date. The directors and connected parties continue to support the company with no immediate plans to call on amounts advanced to the company. The financial statements are, therefore, prepared on a going concern basis.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 November 2023
- 
Additions
2,808 
At 31 December 2024
2,808 
Depreciation
Charge for the period
455 
At 31 December 2024
455 
Net book value
At 31 December 2024
2,353 
5
Investments
Subsidiary undertakings 
£ 
Valuation at 1 November 2023
268,800 
Additions
62,476 
Valuation at 31 December 2024
331,276 
Investments represents the cost of acquisition of a subsidiary undertaking.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
997 
155 
Trade debtors
11,332 
- 
Accrued income and prepayments
1,247 
- 
13,576 
155 
Amounts falling due after more than one year
Other debtors
5,440 
- 
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Inniovate Ltd Notes to the Accounts for the period from 1 November 2023 to 31 December 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
(1,289)
149 
Other creditors
4,055 
- 
Loans from directors
23,756 
2,861 
Accruals
24,976 
- 
Deferred income
203 
- 
51,701 
3,010 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Other creditors
678,205 
288,725 
9
Transactions with related parties
During the year ended 31 December 2024, the following transactions arose with related parties: - expenses paid by directors on behalf of the company = £ 20,895 - loans advanced to the company by connected parties = £ 282,000 The amounts owed to related parties at the year-end date was: - owed to directors = £ 23,756 - owed to entities connected to directors = £ 578,305 These amounts are disclosed at notes 7 and 8. No interest is charged on amounts advanced to the company.
10
Average number of employees
During the period the average number of employees was 1 (2023: 0).
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