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REGISTERED NUMBER: 05481769 (England and Wales)















INOX FABRICATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023






INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INOX FABRICATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: L H Preston
S Preston



REGISTERED OFFICE: Unit 1
Adhan Trading Estate
Off Temple Drive
Blackburn
Lancashire
BB1 1NL



REGISTERED NUMBER: 05481769 (England and Wales)



ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN



BANKERS: Santander
32-34 King William Street
Blackburn
Lancashire
BB1 7DP



SOLICITORS: Mark L Ryan Solicitor
Shaw House
1 Shaw Street
Ashton-under-Lyne
Greater Manchester
OL6 6QJ

INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 508,668 270,538
Investments 5 467,484 467,484
976,152 738,022

CURRENT ASSETS
Inventories 36,006 31,873
Debtors 6 687,058 699,189
Cash at bank and in hand 1,275,246 1,085,050
1,998,310 1,816,112
CREDITORS
Amounts falling due within one year 7 (578,575 ) (645,238 )
NET CURRENT ASSETS 1,419,735 1,170,874
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,395,887

1,908,896

CREDITORS
Amounts falling due after more than one
year

8

(44,665

)

(57,021

)

PROVISIONS FOR LIABILITIES (126,849 ) (49,981 )
NET ASSETS 2,224,373 1,801,894

CAPITAL AND RESERVES
Called up share capital 3 3
Capital redemption reserve 3 3
Retained earnings 2,224,367 1,801,888
SHAREHOLDERS' FUNDS 2,224,373 1,801,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2023


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 17 November 2023 and were signed on its behalf by:





L H Preston - Director


INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Inox Fabrications Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05481769. The registered office is Unit 1, Adhan Trading Estate, Off Temple Drive, Blackburn, Lancashire, BB1 1NL.

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.

The directors have considered the impact of the current economic outlook on the company and recognise that the future cannot be predicted with any certainty. The directors expect the company to continue trading and will endeavour to monitor and control costs as necessary. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Inox Fabrications Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant accounting estimates and judgements
In the application of the company's accounting policies, all directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below:

Determining the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge.

Revenue
Revenue represents the fair value of the consideration anticipated to be received on contracts, net of value added tax and after taking account of expected remedial works.

Revenue is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed. Revenue is not recognised where the right to receive payment is contingent on events outside the control of the company.

Unbilled revenue is included in debtors as 'Amounts recoverable on contracts'.

INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 10% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any impairment.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost represents actual purchase price.

In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and others third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation
Taxation for the year 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

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 for the year are charged in the income statement.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 25 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 July 2022 662,177
Additions 319,553
Disposals (48,827 )
At 30 June 2023 932,903
DEPRECIATION
At 1 July 2022 391,639
Charge for year 64,815
Eliminated on disposal (32,219 )
At 30 June 2023 424,235
NET BOOK VALUE
At 30 June 2023 508,668
At 30 June 2022 270,538

INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2022 164,546
Disposals (38,827 )
At 30 June 2023 125,719
DEPRECIATION
At 1 July 2022 96,448
Charge for year 16,797
Eliminated on disposal (22,219 )
At 30 June 2023 91,026
NET BOOK VALUE
At 30 June 2023 34,693
At 30 June 2022 68,098

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 467,484
NET BOOK VALUE
At 30 June 2023 467,484
At 30 June 2022 467,484

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Country of incorporation Class of share Holding
The Canopy Company Limited United Kingdom Ordinary 100.0%

INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 705,738 624,001
Other debtors (18,680 ) 75,188
687,058 699,189

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 12,356 18,740
Trade creditors 323,510 452,580
Amounts owed to group undertakings 112,684 29,312
Taxation and social security 103,688 125,033
Other creditors 26,337 19,573
578,575 645,238

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 44,665 57,021

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 12,356 18,740
Between one and five years 44,665 57,021
57,021 75,761

Non-cancellable
operating leases
2021 2020
£ £
Within one year 25,071 37,607
Between one and five years - 25,071
25,071 62,678

INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 57,021 75,761

The hire purchase contracts are secured on the respective fixed assets.