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REGISTERED NUMBER: 11652253 (England and Wales)











LGN Innovations Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023







LGN Innovations Limited (Registered number: 11652253)








Contents of the Financial Statements

for the year ended 31 October 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

3





LGN Innovations Limited



Company Information

for the year ended 31 October 2023









DIRECTORS:

Dr J F Trehern


Mr D R Warner







REGISTERED OFFICE:

Irish Square


Upper Denbigh Road


St Asaph


Denbighshire


LL17 0RN







REGISTERED NUMBER:

11652253 (England and Wales)







ACCOUNTANTS:

Salisbury & Company


Chartered Accountants


Irish Square


Upper Denbigh Road


St Asaph


Denbighshire


LL17 0RN



LGN Innovations Limited (Registered number: 11652253)



Balance Sheet

31 October 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

44,517


46,946



Tangible assets

5

13,255


12,365



57,772


59,311




CURRENT ASSETS

Debtors

6

56,887


64,220



Cash at bank

266,195


232,222



323,082


296,442



CREDITORS

Amounts falling due within one year

7

1,224,089


920,660



NET CURRENT LIABILITIES

(901,007

)

(624,218

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(843,235

)

(564,907

)



PROVISIONS FOR LIABILITIES

1,555


1,555



NET LIABILITIES

(844,790

)

(566,462

)



CAPITAL AND RESERVES

Called up share capital

8

156


156



Share premium

9

1,063,578


1,063,578



Retained earnings

9

(1,908,524

)

(1,630,196

)


SHAREHOLDERS' FUNDS

(844,790

)

(566,462

)



The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 22 July 2024 and were signed on its behalf by:






Mr D R Warner - Director




LGN Innovations Limited (Registered number: 11652253)



Notes to the Financial Statements

for the year ended 31 October 2023


1.

STATUTORY INFORMATION



LGN Innovations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


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 presentational and functional currency of these financial statements is pound sterling; the financial


statements are rounded to the nearest pound.



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


Patents and licences are being amortised evenly over their estimated useful life of five years.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Plant and machinery etc

-

25% on cost



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 balance sheet date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 2 (2022 - 1 ) .



LGN Innovations Limited (Registered number: 11652253)



Notes to the Financial Statements - continued

for the year ended 31 October 2023


4.

INTANGIBLE FIXED ASSETS


Other


intangible


assets

£   



COST


At 1 November 2022


and 31 October 2023

54,797




AMORTISATION


At 1 November 2022

7,851




Charge for year

2,429




At 31 October 2023

10,280




NET BOOK VALUE


At 31 October 2023

44,517




At 31 October 2022

46,946




5.

TANGIBLE FIXED ASSETS


Plant and


machinery


etc

£   



COST


At 1 November 2022

19,980




Additions

2,608




At 31 October 2023

22,588




DEPRECIATION


At 1 November 2022

7,615




Charge for year

1,718




At 31 October 2023

9,333




NET BOOK VALUE


At 31 October 2023

13,255




At 31 October 2022

12,365




6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Amounts owed by group undertakings

55,251


52,985




Other debtors

1,536


2,266




VAT

-


5,819




Prepayments

100


3,150



56,887


64,220




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts

30


-




Trade creditors

24,606


21,865




Amounts owed to group undertakings

1,184,565


894,029




Social security and other taxes

3,676


2,716




VAT

9,162


-




Accrued expenses

2,050


2,050



1,224,089


920,660





LGN Innovations Limited (Registered number: 11652253)



Notes to the Financial Statements - continued

for the year ended 31 October 2023


8.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



57,224

Ordinary

0.1p

138


138




50,000

Founders A

0.01p

18


18



156


156




9.

RESERVES


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 November 2022

(1,630,196

)

1,063,578


(566,618

)



Deficit for the year

(278,328

)

(278,328

)



At 31 October 2023

(1,908,524

)

1,063,578


(844,946

)



10.

ULTIMATE CONTROLLING PARTY



The ultimate parent company and controlling party is LGN Innovations Inc a company incorporated in the United States of America