Company Registration No. 04102938 (England and Wales)
INNOVERCE ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
INNOVERCE ENGINEERING LIMITED
COMPANY INFORMATION
Directors
Mr J Peck
Mr N Brasier
(Appointed 9 September 2016)
Secretary
Mr H Tierney
Company number
04102938
Registered office
Ouseburn Building
Albion Row
East Quayside
Newcastle upon Tyne
NE6 1LL
Accountants
Ryecroft Glenton
32 Portland Terrace
Jesmond
Newcastle upon Tyne
NE2 1QP
INNOVERCE ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
INNOVERCE ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
10,699
12,441
Tangible assets
4
1,766
1,541
12,465
13,982
Current assets
Stocks
9,774
6,962
Debtors
5
4,761
376
Cash at bank and in hand
7,553
1,868
22,088
9,206
Creditors: amounts falling due within one year
6
(9,096)
(5,922)
Net current assets
12,992
3,284
Total assets less current liabilities
25,457
17,266
Creditors: amounts falling due after more than one year
7
(218,462)
(191,264)
Net liabilities
(193,005)
(173,998)
Capital and reserves
Called up share capital
8
4,215
1,897
Profit and loss reserves
(197,220)
(175,895)
Total equity
(193,005)
(173,998)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
INNOVERCE ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2017 and are signed on its behalf by:
Mr J Peck
Director
Company Registration No. 04102938
INNOVERCE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Innoverce Engineering Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ouseburn Building, Albion Row, East Quayside, Newcastle upon Tyne, NE6 1LL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Innoverce Engineering Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the going concern basis of accounting
is appropriate
in preparing the financial statements
and no adjustments are required to the company's balance sheet.
1.3
Turnover
Turnover
represents amounts receivable for goods net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
10 years straight line
Development costs
3 years straight line
INNOVERCE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
3 - 10 years straight line
Fixtures, fittings & equipment
2 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Stocks
Stocks are stated at the lower of cost and
net realisable value.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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 cash and bank balances, are initially measured at transaction price including transaction costs
.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
INNOVERCE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred
taxation is provided in full 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
3
Intangible fixed assets
Other
£
Cost
At 1 April 2016
54,346
Additions
2,346
At 31 March 2017
56,692
Amortisation and impairment
At 1 April 2016
41,905
Amortisation charged for the year
4,088
At 31 March 2017
45,993
Carrying amount
At 31 March 2017
10,699
At 31 March 2016
12,441
INNOVERCE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016
15,083
Additions
419
At 31 March 2017
15,502
Depreciation and impairment
At 1 April 2016
13,542
Depreciation charged in the year
194
At 31 March 2017
13,736
Carrying amount
At 31 March 2017
1,766
At 31 March 2016
1,541
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
4,761
376
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
6,258
2,742
Other creditors
2,838
3,180
9,096
5,922
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
218,462
191,264
The long term loans have been advanced by equity investors and are only repayable if the company has funds to do so.
INNOVERCE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
42,140 Ordinary Shares of 10p each
4,214
1,896
4,214
1,896
Preference share capital
Issued and fully paid
10 A,B,C,D,E,F,G,H,J,K & L Redeemable of 10p each
1
1
1
1
The redeemable shares are redeemable at the discretion of the company's directors only in the event that all outstanding loans made to the company have been repaid by the company or when a member serves written notice to the effect that they wish to dispose of their interest in the class of redeemable share held by them. There is no premium on redemption.
On 14 November 2016, the company issued a further 18,962 ordinary shares of 10p each and 1 'L' redeemable share of 10p each in order to raise working capital, together with the issue of a further 4,214 ordinary shares of 10p each on 22 November 2016.