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
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
Inniovate Ltd
Statement of financial position
as at 31 December 2024
Investments
331,276
268,800
Cash at bank and in hand
62,335
7,537
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)
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
Inniovate Ltd
Notes to the Accounts
for the period from 1 November 2023 to 31 December 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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 in shares are included at fair value as assessed by the directors.
Inventories have been valued by the directors at the lower of cost and estimated selling price less costs to complete and sell.
Inniovate Ltd
Notes to the Accounts
for the period from 1 November 2023 to 31 December 2024
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
5
Investments
Subsidiary undertakings
Valuation at 1 November 2023
268,800
Valuation at 31 December 2024
331,276
Investments represents the cost of acquisition of a subsidiary undertaking.
Amounts falling due within one year
Accrued income and prepayments
1,247
-
Amounts falling due after more than one year
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
Loans from directors
23,756
2,861
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).