Inovo Robotics Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 10267999 (England and Wales)

Unaudited Financial Statements

for the Period 1 October 2023 to 31 March 2025

for

Inovo Robotics Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Cheung

H J Wood

REGISTERED OFFICE:

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

REGISTERED NUMBER:

10267999 (England and Wales)

ACCOUNTANTS:

Butt Miller

Chartered Accountants

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

FIXED ASSETS

Tangible assets

4

219

827

Investments

5

10,000

10,219

10,827

CURRENT ASSETS

Stocks

6

-

8,500

Debtors

7

6,603

17,112

Cash at bank and in hand

11,212

26,841

17,815

52,453

CREDITORS

Amounts falling due within one year

8

(124,288

)

(88,170

)

NET CURRENT LIABILITIES

(106,473

)

(35,717

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(96,254

)

(24,890

)

CREDITORS

Amounts falling due after more than one
year

9

(2,755

)

(5,750

)

NET LIABILITIES

(99,009

)

(30,640

)

CAPITAL AND RESERVES

Called up share capital

4

Share premium

11

3,355,408

3,005,408

Advance subscriptions

11

-

350,000

Retained earnings

11

(3,454,421

)

(3,386,052

)

SHAREHOLDERS' FUNDS

(99,009

)

(30,640

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2025 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.

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 1 May 2026 and were signed on its behalf by:

H J Wood - Director

1.	STATUTORY INFORMATION

Inovo Robotics 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Due to reorganisation the accounting period was extended to 31 March 2025. As a result, the comparative amounts presented in the financial statements (including the notes) are not entirely comparable.

Turnover

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

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

-

25% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 period 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Operating leases

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Going concern

These financial statements have been prepared on the basis that the Company is a going concern. The Company has historically recorded losses and net operating cash outflows.

Subject to achieving the projected sales or obtaining further funding, the Company is expected to have sufficient funds to meet its obligations during the twelve months from the date of signature of these financial statements.

Whilst there can be no certainty that the sales are achieved or further funding obtained, the directors believe and have concluded that there is a high likelihood that one of them will occur and accordingly have prepared these financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

COST

At 1 October 2023

13,626

15,429

29,055

Additions

-

351

Disposals

(1,171

)

(6,887

)

(8,058

)

At 31 March 2025

12,455

8,893

21,348

DEPRECIATION

At 1 October 2023

12,962

15,266

28,228

Charge for period

576

295

871

Eliminated on disposal

(1,083

)

(6,887

)

(7,970

)

At 31 March 2025

12,455

8,674

21,129

NET BOOK VALUE

At 31 March 2025

-

219

At 30 September 2023

664

163

827

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2023

and 31 March 2025

10,000

NET BOOK VALUE

At 31 March 2025

10,000

At 30 September 2023

10,000

6.

STOCKS

2025

2023

£

Stocks

-

8,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2023

£

Trade debtors

-

1,602

Other debtors

2,060

3,899

VAT

3,303

3,088

Prepayments

1,240

8,523

6,603

17,112

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2023

£

Bank loans and overdrafts

2,009

1,935

Trade creditors

121,948

80,061

Social security and other taxes

1

5,162

Other creditors

20

257

Directors' current accounts

29

-

Accruals and deferred income

281

755

124,288

88,170

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2023

£

Bank loans - 1-2 years

2,060

1,984

Bank loans - 2-5 years

695

3,766

2,755

5,750

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2023

£

Within one year

1,240

2,816

11.

RESERVES

The company previously received £350,000 under an Advance Subscription Agreement. This was converted into 177,423 Ordinary £0.000001 shares on 20 December 2023.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2025 and the year ended 30 September 2023:

2025

2023

£

H J Wood

Balance outstanding at start of period

-

Amounts repaid

(29

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

(29

)

-

Loans to the company are unsecured, interest free and repayable on demand.