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Registration number: 03765417

Inovanta Limited
(formerly Creative Worldwide Limted)

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Inovanta Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Inovanta Limited

Company Information

Director

R J Harris

Company secretary

A J Harris

Registered office

DeVines Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

Accountants

DeVines Accountants Limited
Chartered Accountants
Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Inovanta Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Inovanta Limited for the year ended 30 June 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Inovanta Limited, as a body, in accordance with the terms of our engagement letter dated 29 June 2015. Our work has been undertaken solely to prepare for your approval the accounts of Inovanta Limited and state those matters that we have agreed to state to the Board of Directors of Inovanta Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inovanta Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Inovanta Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Inovanta Limited. You consider that Inovanta Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Inovanta Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DeVines Accountants Limited
Chartered Accountants
Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

20 June 2025

 

Inovanta Limited

(Registration number: 03765417)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,196

1,196

Tangible assets

5

539

719

 

1,735

1,915

Current assets

 

Debtors

6

117

798

Cash at bank and in hand

 

8,689

15,553

 

8,806

16,351

Creditors: Amounts falling due within one year

7

(5,892)

(6,929)

Net current assets

 

2,914

9,422

Total assets less current liabilities

 

4,649

11,337

Creditors: Amounts falling due after more than one year

7

(5,438)

(9,363)

Provisions for liabilities

(226)

(226)

Net (liabilities)/assets

 

(1,015)

1,748

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(1,017)

1,746

Shareholders' (deficit)/funds

 

(1,015)

1,748

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 June 2025
 

 

Inovanta Limited

(Registration number: 03765417)
Balance Sheet as at 30 June 2024

.........................................
R J Harris
Director

 

Inovanta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The company was formerly known as Creative Worldwide Limted.

The address of its registered office is:
DeVines Bellefield House
104 New London Road
Chelmsford
Essex
CM2 0RG

These financial statements were authorised for issue by the director on 20 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% written down value

Fixtures and fittings

25% written down value

Motor vehicles

25% witten down value

 

Inovanta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

amortisation to commence upon commercial production

Patents

equal instalments over 15 years

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Inovanta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Inovanta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2023

16,796

16,796

At 30 June 2024

16,796

16,796

Amortisation

At 1 July 2023

15,600

15,600

At 30 June 2024

15,600

15,600

Carrying amount

At 30 June 2024

1,196

1,196

At 30 June 2023

1,196

1,196

5

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

6,005

1,837

7,842

At 30 June 2024

6,005

1,837

7,842

Depreciation

At 1 July 2023

6,005

1,118

7,123

Charge for the year

-

180

180

At 30 June 2024

6,005

1,298

7,303

Net book value

At 30 June 2024

-

539

539

At 30 June 2023

-

719

719

6

Debtors

 

Inovanta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Current

2024
£

2023
£

Trade debtors

-

-

Other debtors

117

798

 

117

798

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

3,960

3,897

Trade creditors

 

-

3,000

Accruals and deferred income

 

1,080

-

Other creditors

 

852

32

 

5,892

6,929

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

5,438

9,363

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Reserves

The only movement on reserves in this period are losses (2023-losses and dividends).

 

Inovanta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,438

9,363

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,960

3,897