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REGISTERED NUMBER: 10590498 (England and Wales)















INNOVCO TRADING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024






INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INNOVCO TRADING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: Mr J. Cohen
Mr S Cohen





REGISTERED OFFICE: 30 Commercial Road
Edmonton
London
N18 1TP





REGISTERED NUMBER: 10590498 (England and Wales)





ACCOUNTANTS: Carston ETL
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 107,150 74,300
Tangible assets 5 132,698 157,049
239,848 231,349

CURRENT ASSETS
Stocks 2,348,949 2,780,724
Debtors 6 331,848 230,685
Cash at bank and in hand 44,823 100
2,725,620 3,011,509
CREDITORS
Amounts falling due within one year 7 998,349 1,241,634
NET CURRENT ASSETS 1,727,271 1,769,875
TOTAL ASSETS LESS CURRENT LIABILITIES 1,967,119 2,001,224

CREDITORS
Amounts falling due after more than one year 8 (1,587,316 ) (1,701,000 )

PROVISIONS FOR LIABILITIES 10 (23,813 ) (27,846 )
NET ASSETS 355,990 272,378

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 355,890 272,278
SHAREHOLDERS' FUNDS 355,990 272,378

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th April 2025 and were signed on its behalf by:





Mr S Cohen - Director


INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. STATUTORY INFORMATION

Innovco Trading Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st January 2024 74,300
Additions 33,750
At 31st December 2024 108,050
AMORTISATION
Amortisation for year 900
At 31st December 2024 900
NET BOOK VALUE
At 31st December 2024 107,150
At 31st December 2023 74,300

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1st January 2024 234,095 189,993 424,088
Additions 8,822 - 8,822
At 31st December 2024 242,917 189,993 432,910
DEPRECIATION
At 1st January 2024 126,891 140,148 267,039
Charge for year 23,204 9,969 33,173
At 31st December 2024 150,095 150,117 300,212
NET BOOK VALUE
At 31st December 2024 92,822 39,876 132,698
At 31st December 2023 107,204 49,845 157,049

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 249,379 176,782
Amounts owed by group undertakings 62,939 37,374
Other debtors 19,530 16,529
331,848 230,685

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 155 249,544
Trade creditors 922,338 946,244
Taxation and social security 54,231 21,510
Other creditors 21,625 24,336
998,349 1,241,634

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 758,500 870,000
Other creditors 828,816 831,000
1,587,316 1,701,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 155 249,544

Santander Bank UK PLC holds a fixed and floating charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 23,813 27,846

Deferred
tax
£   
Balance at 1st January 2024 27,846
Utilised during year (4,033 )
Balance at 31st December 2024 23,813

INNOVCO TRADING LTD (REGISTERED NUMBER: 10590498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is The Innovco Group Limited, incorporated in England & Wales. The registered office is 30 Commercial Road, Edmonton, London, United Kingdom, N18 1TP.