Registered Number 04102938
INNOVERCE ENGINEERING LTD
Abbreviated Accounts
31 March 2016
Notes | 31/03/2016 | 30/09/2014 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 4 |
( |
( |
Net current assets (liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 4 |
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( |
Total net assets (liabilities) |
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( |
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Capital and reserves | |||
Called up share capital | 5 |
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Profit and loss account |
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Shareholders' funds |
( |
( |
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The company is currently re-launching its main product and remains confident about the future of its products.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For long term finance they rely on the long term loans advanced from equity investors. In assessing going concern they have assumed that these loans will not be repaid for the foreseeable future, and on that basis, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
Turnover policy
Tangible assets depreciation policy
Plant and machinery 3 - 10 years straight line; and
Fixtures, fittings and equipment 2 years straight line.
Intangible assets amortisation policy
Patents 10 years straight line
Design 3 years straight line
Prototypes 3 years straight line
Other accounting policies
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
£ | |
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Cost | |
At 1 October 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2016 |
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Amortisation | |
At 1 October 2014 |
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Charge for the year |
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On disposals |
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At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 12,441 |
At 30 September 2014 | 18,580 |
£ | |
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Cost | |
At 1 October 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2016 |
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Depreciation | |
At 1 October 2014 |
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Charge for the year |
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On disposals |
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At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 1,541 |
At 30 September 2014 | 1,817 |
31/03/2016
£ |
30/09/2014
£ |
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Non-instalment debts due after 5 years |
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