SC Innovation-Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Airfield, Dunkeswell, Honiton, Devon, England, EX14 4LF.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of SC Group-Global Limited. These consolidated financial statements are available from its registered office, The Airfield, Dunkeswell, Honiton, Devon, England, EX14 4LF.
At the time of approving these financial statements, the directors have a reasonable expectation that the business has adequate resources to continue in operational existence for the foreseeable future.
As part of making the above assessment, the directors continue to review the business in the current trading environment and in particular the adequacy of its current banking facilities and its access to additional facilities should these be required. The Company has an on demand bank facility that is renewable on an annual basis and believe that this will continue to be renewed at the current levels in line with previous years. The directors continue to test their assumptions with forecasts being reviewed regularly and ongoing discussions with lenders and banks to explore opportunities to increase facilities if appropriate.
The latest budget has been reviewed, sensitised and a number of differing scenarios produced under different planning assumptions. A number of UK projects which are under contract, have positively contributed to the underpinning of the revenues for the business for the forthcoming year regardless of which scenario is considered. Although these scenarios, show a reduction of revenues and margins over the period, the plans that remain in place to conserve cash and mitigate the effect drops of this magnitude in the forecast, the scenarios continue to indicate that the business will be able to operate positively and effectively.
Following these reviews, the directors have a reasonable expectation that the business has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors consider it to be appropriate to prepare the accounts on a going concern basis.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
The company holds the following financial instruments:
Short term trade debtors and creditors; and
Intra group balances.
All of the financial instruments of the company are considered to be basic financial instruments. Such instruments are initially measured at transaction price, including transaction costs. Those instruments considered current are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average number of persons employed by the company during the year is nil. The company does not directly employ any staff (2022: Nil).
Amounts due to group companies are unsecured, interest free and repayable on demand.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
An unlimited multilateral company guarantee has been given to the group's bankers by SC Group-Global Limited, SC Marine Limited, SC Innovation-Global Limited, Proteum Limited, Blackhill Engineering Services Limited and Supacat Limited covering all the present and future indebtedness and liabilities to the bank howsoever arising. All amounts owed to the group's bankers are secured by fixed and floating charges over the assets of the companies.
The company has taken advantage of the exemption in FRS 102 Section 1A from disclosing transactions with its parent company and other members of the group.
Balances owed to and from group companies are disclosed within the notes to the financial statements.
The company's immediate parent and ultimate controlling party is SC Group-Global Limited, incorporated in England and Wales. SC Group-Global Limited is the parent company of the smallest group for which consolidated financial statements are drawn up of which the company is a member.
These financial statements are available upon request from Companies House. The address of the parent company's registered office is that of the company as stated in note 1.