Company Registration No. 08021929 (England and Wales)
SC Innovation-Global Limited
Financial statements
for the year ended 31 August 2023
Pages for filing with the registrar
SC Innovation-Global Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
SC Innovation-Global Limited
Statement of financial position
As at 31 August 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
71,111
66,605
Cash at bank and in hand
54,349
60,800
125,460
127,405
Creditors: amounts falling due within one year
5
(89,956)
(91,901)
Net current assets
35,504
35,504
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
35,503
35,503
Total equity
35,504
35,504

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 March 2024 and are signed on its behalf by:
A S Mitchell
Director
Company Registration No. 08021929
SC Innovation-Global Limited
Notes to the financial statements
For the year ended 31 August 2023
2
1
Accounting policies
Company information

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.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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:

 

 

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.

1.2
Going concern

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.

SC Innovation-Global Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
1
Accounting policies (continued)
3
1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities, shown net of value added tax. The company recognises revenue when the amount of revenue can be reliably measured and it is probable future economic benefits will flow to the entity, which is deemed to be on delivery of goods or services to the customers.

1.4
Financial instruments
Classification

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the net assets of the company.

Recognition and measurement

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:

 

 

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.

1.5
Foreign exchange

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

2
Critical accounting judgements and key sources of estimation uncertainty

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.

SC Innovation-Global Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
4
3
Employees

The average number of persons employed by the company during the year is nil. The company does not directly employ any staff (2022: Nil).

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
71,111
66,605
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
84,660
80,556
Taxation and social security
5,296
11,345
89,956
91,901

Amounts due to group companies are unsecured, interest free and repayable on demand.

6
Audit report information

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.

Senior Statutory Auditor:
Neil Davies
Statutory Auditors:
Saffery LLP
7
Financial commitments, guarantees and contingent liabilities

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.

8
Related party transactions

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.

SC Innovation-Global Limited
Notes to the financial statements (continued)
For the year ended 31 August 2023
5
9
Parent company

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.

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