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REGISTERED NUMBER: 08118818 (England and Wales)















INNOVATION WORKS (LINCS.) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


INNOVATION WORKS (LINCS.) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: E A Timmins
D H Starling





REGISTERED OFFICE: Innovation Works
Caenby Hall Business Park
Caenby Corner
Market Rasen
Lincolnshire
LN8 2BU





REGISTERED NUMBER: 08118818 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,530,668 1,383,822
Investments 5 4,185,000 4,185,000
5,715,668 5,568,822

CURRENT ASSETS
Debtors 6 59,907 77,834
Cash at bank 30,302 29,367
90,209 107,201
CREDITORS
Amounts falling due within one year 7 400,996 187,050
NET CURRENT LIABILITIES (310,787 ) (79,849 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,404,881 5,488,973

CREDITORS
Amounts falling due after more than one year 8 (656,650 ) (762,727 )

PROVISIONS FOR LIABILITIES (167,380 ) (127,177 )
NET ASSETS 4,580,851 4,599,069

CAPITAL AND RESERVES
Called up share capital 10 600,210 600,210
Merger reserve 11 3,584,900 3,584,900
Retained earnings 11 395,741 413,959
SHAREHOLDERS' FUNDS 4,580,851 4,599,069

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

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

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2024 and were signed on its behalf by:




E A Timmins - Director



D H Starling - Director


INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Innovation Works (Lincs.) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
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.
Land and buildings - 2% on cost and not provided
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at the revalued amounts made by the directors.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 749,397 1,258,390 46,221 88,539 2,142,547
Additions 189,156 24,750 51,925 - 265,831
At 31 December 2023 938,553 1,283,140 98,146 88,539 2,408,378
DEPRECIATION
At 1 January 2023 22,836 681,775 36,753 17,361 758,725
Charge for year 8,600 88,048 4,543 17,794 118,985
At 31 December 2023 31,436 769,823 41,296 35,155 877,710
NET BOOK VALUE
At 31 December 2023 907,117 513,317 56,850 53,384 1,530,668
At 31 December 2022 726,561 576,615 9,468 71,178 1,383,822

The net book value of tangible fixed assets includes £ 118,782 (2022 - £ 146,816 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 4,185,000
NET BOOK VALUE
At 31 December 2023 4,185,000
At 31 December 2022 4,185,000

Cost or valuation at 31 December 2023 is represented by:

Shares in
group
undertakings
£   
Valuation in 2022 4,184,900
Cost 100
4,185,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 44,966 76,250
Other debtors 14,941 1,584
59,907 77,834

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 24,212 25,628
Hire purchase contracts 45,172 50,409
Trade creditors 136,234 10,904
Taxation and social security 29,462 14,064
Other creditors 165,916 86,045
400,996 187,050

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 629,768 692,326
Hire purchase contracts 26,882 70,401
656,650 762,727

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 529,012 585,171

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 653,980 717,954
Hire purchase contracts 72,054 120,810
726,034 838,764

The HP Liabilities are secured on the relevant assets concerned. The loans are secured on the land and workshop at Innovation Works, Caenby Hall Business Park, Caenby Corner, Market Rasen.

Included within other creditors: amounts falling due after more than one year is an amount of £522,513 (2022: £585,171) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. CALLED UP SHARE CAPITAL

The share capital comprises of 420 allotted, called up and fully paid ordinary shares of 50p each and 6,000 allotted, called up and fully paid preference shares of £100 each. (2022: 420 allotted, called up and fully paid ordinary shares of 50p each and 6,000 allotted, called up and fully paid preference shares of £100 each).

11. RESERVES
Retained Merger
earnings reserve Totals
£    £    £   

At 1 January 2023 413,959 3,584,900 3,998,859
Profit for the year 49,237 49,237
Dividends (67,455 ) (67,455 )
At 31 December 2023 395,741 3,584,900 3,980,641

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
E A Timmins
Balance outstanding at start of year 1,014 15,803
Amounts advanced 28,511 41,953
Amounts repaid (28,635 ) (56,742 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 890 1,014

D H Starling
Balance outstanding at start of year 570 5,693
Amounts advanced 38,250 29,877
Amounts repaid (38,820 ) (35,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 570

The directors loan accounts are unsecured and repayable on demand. Interest has been charged at the Inland Revenues official rate of interest. The balances have been repaid since the year end.

13. RELATED PARTY DISCLOSURES

There are the following related party transactions with Timmins Engineering and construction Limited, a company in which the directors have an interest:
Property and plant rent receivable of £347,615 (2022: £344,067)
Expenses paid of £109,,945 (2022: £Nil)
Trade debtors of £39,341 (2022: £71,752)
Trade creditors of £131,934 (2022: £Nil)
An inter-company loan in other creditors of £164,765 (2022: £84,895)