| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| Innovel Ltd |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 9 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 were approved by the Board of Directors and authorised for issue on |
| Innovel Ltd (Registered number: 10098298) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Innovel Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Plant and machinery etc | - |
| 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 |
| 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 |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 January 2024 |
| Impairments | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| Amounts owed by associates |
| Other debtors |
| Directors' current accounts | 500 | - |
| VAT |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other loans |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Directors' current accounts | 90,022 | 50,000 |
| Accruals and deferred income |
| 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 |
| 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. |