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REGISTERED NUMBER: 10098298 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Innovel Ltd

Innovel Ltd (Registered number: 10098298)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Innovel Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: R Munro
J Munro
S Munro





REGISTERED OFFICE: Second Floor
Berkeley Square House
Berkeley Square
London
W1J 6BD





REGISTERED NUMBER: 10098298 (England and Wales)





ACCOUNTANTS: One Accounting Ltd
Chartered Management Accountants
Drumsheugh Toll
2 Belford Road
Edinburgh
Midlothian
EH4 3BL

Innovel Ltd (Registered number: 10098298)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,371 7,879
Tangible assets 5 336 -
Investments 6 - 50,322
12,707 58,201

CURRENT ASSETS
Stocks 44,277 20,540
Debtors 7 70,026 17,153
Cash at bank and in hand 34,957 61,403
149,260 99,096
CREDITORS
Amounts falling due within one year 8 616,709 402,428
NET CURRENT LIABILITIES (467,449 ) (303,332 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(454,742

)

(245,131

)

CREDITORS
Amounts falling due after more than one year 9 78,869 -
NET LIABILITIES (533,611 ) (245,131 )

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings (533,715 ) (245,235 )
SHAREHOLDERS' FUNDS (533,611 ) (245,131 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

Innovel Ltd (Registered number: 10098298)

Balance Sheet - continued
31 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 29 August 2025 and were signed on its behalf by:





S Munro - Director


Innovel Ltd (Registered number: 10098298)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Innovel 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.

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" including the provisions of Section 1A "Small Entities" 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.

Patents and licences are being amortised evenly over their estimated useful life of between 1 to 16 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 etc - 33% on cost

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

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
At the balance sheet date the Company's liabilities exceed its assets by £533,611 (2023 - £245,131). The company has received funds from another group company and the directors expect the support to be ongoing.

Fixed asset investments
The company has invested in unlisted shares. The company has considered this investment to be fully impaired in the current year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Innovel Ltd (Registered number: 10098298)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024 26,438
Additions 5,365
At 31 December 2024 31,803
AMORTISATION
At 1 January 2024 18,559
Charge for year 873
At 31 December 2024 19,432
NET BOOK VALUE
At 31 December 2024 12,371
At 31 December 2023 7,879

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 419
At 31 December 2024 419
DEPRECIATION
Charge for year 83
At 31 December 2024 83
NET BOOK VALUE
At 31 December 2024 336

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2024 50,322
Impairments (50,322 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 50,322

Innovel Ltd (Registered number: 10098298)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 2,209 232
Amounts owed by associates 19,074 -
Other debtors 169 -
Directors' current accounts 500 -
VAT 17,444 16,240
Prepayments and accrued income 30,630 681
70,026 17,153

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Other loans 16,160 -
Trade creditors 48,995 -
Amounts owed to group undertakings 363,201 323,196
Tax 169 -
Directors' current accounts 90,022 50,000
Accruals and deferred income 98,162 29,232
616,709 402,428

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Other loans - 1-2 years 18,209 -
Other loans - 2-5 years 60,660 -
78,869 -

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Other loan 95,028 -

Morgan Lloyd Trustees Limited holds the following security:

A first fixed charge over all present and future properties owned by the company, as well as all associated rights, licences, guarantees, rents, deposits, contracts, covenants, and warranties.

The charge also covers all present and future goodwill, equipment, intellectual property (including related fees and royalties), book debts, investments, and all monies from time to time standing to the credit of its accounts with any bank, financial institution or other person.

In addition, a first floating charge is held over all other present and future assets, property, rights, and undertakings of the company.

Innovel Ltd (Registered number: 10098298)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate) 31.12.24 31.12.23
£    £   

Amount due to related party 90,022 50,000
Amount due from related party 500 -

The loan provided is interest free and repayable on demand.


Other related parties

30.06.24 31.12.23
£    £   

Amount due from related party 19,074 -
Amount due to related party 363,201 323,196

The amounts due to and from related parties are interest free and repayable upon demand. The amount due from a related party is included as amounts owed by associates. The amount due to a related party is included as amounts owed to group undertakings.

12. ULTIMATE CONTROLLING PARTY

Stewart Munro is the ultimate controlling party due to his majority shareholding in the parent company.

13. PARENT COMPANY

Pentland Medical Holdings Ltd is the company's parent company.