ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 07888024

INNOVENT LEASING LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

INNOVENT LEASING LIMITED

COMPANY INFORMATION

Directors	Z Khuzwayo
	D Kumbula
	D Lent
	A J Saint (resigned 14 October 2024)


Registered number	07888024


Registered office	First Floor
	65 Carter Lane
	London
	EC4V 5DY


Independent auditors	Harris & Trotter LLP
	Chartered Accountants & Statutory Auditors
	101 New Cavendish Street
	1st Floor South
	London
	United Kingdom
	W1W 6XH

INNOVENT LEASING LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Independent Auditors' Report	4 - 7
Statement of Comprehensive Income	8
Balance Sheet	9 - 10
Statement of Changes in Equity	11
Statement of Cash Flows	12 - 13
Analysis of Net Debt	14
Notes to the Financial Statements	15 - 30

INNOVENT LEASING LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

Introduction

The directors present the strategic report for the year ended 30 June 2025.

Business review

The key financial highlights of the year are as follows:

Turnover for 2025 increased compared to 2024 (10.56%), and cost of sales also increased (10.99%). This resulted in an increase in gross profit.

The directors are satisfied with the overall performance of the company for the year.

Principal risks and uncertainties

The company's principal risk stems from the growth performance of the business. These include the levels of new demand from the company's existing customer base and importantly the ability to attract new business. The company manages these risks by satisfying existing customers and continually looking at new effective methods of attracting customers.

Financial key performance indicators

Due to the nature of the company, it is not appropriate to judge the performance of the company solely by conventional external financial analysis ratios.

Key non-financial performance indicators include measuring the number of new customers wins and the amount of new business from existing customers.

A key financial performance indicator used by the company is the movement in sales.

23 December 2025.

D Lent

Director

Page 1

INNOVENT LEASING LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £534,869 (2024 - £206,171).

An ordinary dividend of £112,000 was approved during the year.

Directors

The directors who served during the year were:

Z Khuzwayo

D Kumbula

D Lent

A J Saint (resigned 14 October 2024)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

INNOVENT LEASING LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 December 2025 and signed on its behalf.

D Lent

Director

Page 3

INNOVENT LEASING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INNOVENT LEASING LIMITED

Opinion

We have audited the financial statements of Innovent Leasing Limited (the 'Company') for the year ended 30 June 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 June 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

INNOVENT LEASING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INNOVENT LEASING LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

INNOVENT LEASING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INNOVENT LEASING LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.

• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

• We challenged assumptions and judgments made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 6

INNOVENT LEASING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INNOVENT LEASING LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Haffner (Senior Statutory Auditor)

for and on behalf of

Harris & Trotter LLP

Chartered Accountants

Statutory Auditors

101 New Cavendish Street

1st Floor South

London

United Kingdom

W1W 6XH

23 December 2025

Page 7

INNOVENT LEASING LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2025

	2025	2024
Note	£	£


Turnover	4	15,873,699	14,357,915
Cost of sales		(10,793,771)	(9,801,176)
Gross profit		5,079,928	4,556,739
Administrative expenses		(4,290,160)	(4,285,801)
Exceptional administrative expenses		(85,084)	-
Operating profit	5	704,684	270,938
Interest receivable and similar income	9	18,469	23,211
Interest payable and similar expenses	10	(13,516)	(35,936)
Profit before tax		709,637	258,213
Tax on profit	11	(174,768)	(52,042)
Profit for the financial year		534,869	206,171

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

Page 8

INNOVENT LEASING LIMITED

REGISTERED NUMBER: 07888024

BALANCE SHEET

AS AT 30 JUNE 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		-		1,800
Tangible assets	15		843,389		1,486,845
			843,389		1,488,645
Current assets
Stocks	16	157,950		723,351
Debtors: amounts falling due after more than one year	17	2,168,938		2,410,880
Debtors: amounts falling due within one year	17	4,559,530		4,119,528
Cash at bank and in hand	18	1,563,760		210,614
		8,450,178		7,464,373
Creditors: amounts falling due within one year	19	(4,910,697)		(4,737,484)
Net current assets			3,539,481		2,726,889
Total assets less current liabilities			4,382,870		4,215,534
Creditors: amounts falling due after more than one year	20		(415,752)		(649,418)
Provisions for liabilities
Deferred tax	22	(179,487)		(126,029)
Other provisions	23	-		(75,325)
			(179,487)		(201,354)
Net assets			3,787,631		3,364,762

Capital and reserves
Called up share capital	24	112	112
Profit and loss account	25	3,787,519	3,364,650
		3,787,631	3,364,762

Page 9

INNOVENT LEASING LIMITED

REGISTERED NUMBER: 07888024

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

D Lent

Director

The notes on pages 15 to 30 form part of these financial statements.

Page 10

INNOVENT LEASING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 July 2023	112	3,158,479	3,158,591

Profit for the year	-	206,171	206,171

At 1 July 2024	112	3,364,650	3,364,762

Profit for the year	-	534,869	534,869
Dividends: Equity capital	-	(112,000)	(112,000)
At 30 June 2025	112	3,787,519	3,787,631

The notes on pages 15 to 30 form part of these financial statements.

Page 11

INNOVENT LEASING LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	534,869	206,171
Adjustments for:
Depreciation of tangible assets	1,309,607	1,569,869
Interest paid	13,516	35,936
Interest received	(18,469)	(23,211)
Taxation charge	174,768	52,042
Decrease/(increase) in stocks	565,400	(430,510)
(Increase)/decrease in debtors	(198,058)	435,140
Increase/(decrease) in creditors	115,629	(3,964,104)
(Decrease) in amounts owed to groups	(114,694)	(189,147)
(Decrease) in provisions	(75,325)	(56,078)
Corporation tax (paid)	(180,898)	(218,151)
Net cash generated from operating activities	2,126,345	(2,582,043)

Cash flows from investing activities
Purchase of tangible fixed assets	(1,013,301)	(1,654,757)
Sale of tangible fixed assets	347,149	247,877
Interest received	18,469	23,211
Net cash from investing activities	(647,683)	(1,383,669)
Cash flows from financing activities
Repayment of loans	-	(29,925)
Dividends paid	(112,000)	-
Interest paid	(13,516)	(35,936)
Net cash used in financing activities	(125,516)	(65,861)
Net increase/(decrease) in cash and cash equivalents	1,353,146	(4,031,573)

Page 12

INNOVENT LEASING LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

		2025	2024
		£	£


Cash and cash equivalents at beginning of year	210,614	4,242,187
Cash and cash equivalents at the end of year	1,563,760	210,614

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,563,760	210,614
	1,563,760	210,614

The notes on pages 15 to 30 form part of these financial statements.

Page 13

INNOVENT LEASING LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 JUNE 2025


At 1 July 2024	Cash flows	At 30 June 2025
£	£	£

Cash at bank and in hand	210,614	1,353,146	1,563,760
Debt due within 1 year	(337,013)	337,013	-
	(126,399)	1,690,159	1,563,760

The notes on pages 15 to 30 form part of these financial statements.

Page 14

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1.	General information

Innovent Leasing Limited is a private company limited by shares, incorporated in England & Wales (registered number 07888024). Its registered office and principal place of business is First Floor, 65 Carter Lane, London, England, EC4V 5DY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 15

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.5

Leased assets: the Company as lessor

The company recognises finance lease receivables in the balance sheet.

Assets leased in terms of finance lease agreements are derecognised and the finance lease is recognised as a receivable at an amount equal to the net investment in the lease. Any resulting profit is charged to the profit and loss.

The reversionary right to the unguaranteed residuals arising from the sale of finance lease arrangements are recognised at the present value of the estimated residual value.

Lease income earned on the unguaranteed residuals are recognised in income over the terms of the leases.

Page 16

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 17

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the appropriate method for the class of assets listed below..

Depreciation is provided on the following basis:

				Office equipment	-	20%	Straight line
				Computer equipment	-	33%	Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Management estimates the net realisable value of stock, taking into account the most reliable evidence available at each reporting date. The future realisation of these stocks may be affected by future technology or other market-driven changes that may reduce future selling prices.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes

Page 19

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Investment in residuals

The investment in residuals represents the company's right to the unguaranteed residual of the underlying lease assets ceded to the financial institutions at the end of the lease period. The residual is measured at the best estimate of amounts to be recovered at the end of the lease period, discounted at the rate implicit in the lease. The rate implicit in the lease is determined with reference to bank finance rates achieved on individual contracts.

Leasing activities	15,873,699	14,357,915
	15,873,699	14,357,915

All turnover arose within the United Kingdom.

Page 20

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Other operating lease rentals

178,633

172,381

Fees payable to the Company's auditors for the audit of the Company's financial statements

64,270

58,070

Wages and salaries	1,805,545	1,718,246
Social security costs	185,033	176,716
Cost of defined contribution scheme	53,153	49,764
	2,043,731	1,944,726

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Employees	24	23

Page 21

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	244,494	332,472
Company contributions to defined contribution pension schemes	12,000	12,000
	256,494	344,472

	The highest paid director received remuneration of £228,508 (2024 - £219,936).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,000 (2024 - £12,000).

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	18,469	23,211
		18,469	23,211

10.	Interest payable and similar expenses
		2025	2024
		£	£

	Other loan interest payable	13,516	35,936
		13,516	35,936

Page 22

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Corporation tax
Current tax on profits for the year	121,310	120,143
	121,310	120,143

Total current tax	121,310	120,143

Deferred tax
Origination and reversal of timing differences	53,458	(68,101)
Total deferred tax	53,458	(68,101)


	Taxation on profit on ordinary activities	174,768	52,042

Profit on ordinary activities before tax

709,637

258,213

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	177,409	64,553
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	5,380	4,612
Capital allowances for year in excess of depreciation	31,888	73,413
Other timing differences leading to an increase (decrease) in taxation	54,069	(68,101)
Non-taxable income	(93,978)	(22,435)
Total tax charge for the year	174,768	52,042

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

12.	Dividends
		2025	2024
		£	£

	Dividends paid	112,000	-
		112,000	-

13.	Exceptional items
		2025	2024
		£	£

	Loss due to inventory write off	85,084	-
		85,084	-

During the year a break-in occurred at the Company’s offices and a number of inventory items that were held there were stolen. The cost of these items has been determined to be £85,084. This amount has subsequently been written off from the inventory account.

Page 24

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

14.	Intangible assets

		Development expenditure
		£

	At 1 July 2024	9,000
	Disposals	(9,000)
	At 30 June 2025	-

	At 1 July 2024	7,200
	Charge for the year on owned assets	1,800
	On disposals	(9,000)
	At 30 June 2025	-
	Net book value
	At 30 June 2025	-
	At 30 June 2024	1,800

Page 25

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

15.	Tangible fixed assets

	Office equipment	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 July 2024	157,397	3,479,169	3,636,566
Additions	7,646	1,005,655	1,013,301
Disposals	(6,750)	(1,893,254)	(1,900,004)
At 30 June 2025	158,293	2,591,570	2,749,863
Depreciation
At 1 July 2024	85,778	2,063,943	2,149,721
Charge for the year on owned assets	29,472	1,280,136	1,309,608
Disposals	(4,286)	(1,548,569)	(1,552,855)
At 30 June 2025	110,964	1,795,510	1,906,474
Net book value
At 30 June 2025	47,329	796,060	843,389
At 30 June 2024	71,619	1,415,226	1,486,845

16.	Stocks
		2025	2024
		£	£

Finished goods and goods for resale	157,950	723,351
	157,950	723,351

Page 26

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

17.	Debtors
		2025	2024
		£	£

Due after more than one year
Other debtors	2,168,938	2,410,880
	2,168,938	2,410,880

					2025	2024
					£	£

Due within one year
Trade debtors	1,708,672	655,864
Other debtors	2,279,088	2,504,660
Prepayments and accrued income	349,950	737,184
Financial instruments	221,820	221,820
	4,559,530	4,119,528

18.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	1,563,760	210,614
	1,563,760	210,614

19.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	2,931,946	2,510,624
Amounts owed to group undertakings	222,320	337,013
Corporation tax	56,310	120,143
Other taxation and social security	258,395	145,581
Other creditors	512,189	1,015,722
Accruals and deferred income	929,537	608,401
	4,910,697	4,737,484

Page 27

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

20.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Other creditors	309,872	241,223
Accruals and deferred income	105,880	408,195
	415,752	649,418

21.	Financial instruments
		2025	2024
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	1,563,759	210,614
Financial assets that are debt instruments measured at amortised cost	6,728,467	6,491,049
	8,292,226	6,701,663

	Financial liabilities
	Financial liabilities measured at amortised cost	4,314,226	4,191,619

Page 28

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

22.	Deferred taxation

		2025
		£

	At beginning of year	(126,029)
	Charged to profit or loss	(53,458)
	At end of year	(179,487)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(179,487)	(126,029)
		(179,487)	(126,029)

23.	Provisions

		Other provisions
		£

	At 1 July 2024	75,325
	Charged to profit or loss	(75,325)
	At 30 June 2025	-

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

112 (2024 - 112) Ordinary shares of £1.00 each	112	112

Page 29

INNOVENT LEASING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

25.

Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balances of retained profit and losses since the company started trading. It is a distributable reserve.

26.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £53,153 (2024 - £49,764).

Not later than 1 year	117,700	117,700
Later than 1 year and not later than 5 years	353,100	470,800
Later than 5 years	88,275	88,275
	559,075	676,775

28.	Related party transactions
	FRS 102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

29.	Controlling party

The ultimate parent company is lnnovent Investment Holdings (PTY) Limited, a company incorporated in South Africa. The parent company's registered office is 152 Ann Cres, Sandton, 2031 South Africa.

A copy of the group accounts prepared by the immediate parent company may be obtained from that company's registered office.

Page 30