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REGISTERED NUMBER: 06350664 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

INNOVATION ON-SITE LIMITED

INNOVATION ON-SITE LIMITED (REGISTERED NUMBER: 06350664)






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




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Statement of Changes in Equity 6

Notes to the Financial Statements 7


INNOVATION ON-SITE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M J Hillson
S M Lobley
M J Hillson
A Wren





SECRETARY: K E Hillson





REGISTERED OFFICE: 29 Clophill Road
Maulden
Bedfordshire
MK45 2AA





REGISTERED NUMBER: 06350664 (England and Wales)





ACCOUNTANTS: Rawlinson Pryde Limited
Chartered Accountants
Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY

INNOVATION ON-SITE LIMITED (REGISTERED NUMBER: 06350664)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M J Hillson
S M Lobley
M J Hillson
A Wren

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





K E Hillson - Secretary


11 July 2024

INNOVATION ON-SITE LIMITED (REGISTERED NUMBER: 06350664)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
£    £   

TURNOVER 4,685,554 4,146,607

Cost of sales 3,705,529 3,206,268
GROSS PROFIT 980,025 940,339

Administrative expenses 568,360 646,738
411,665 293,601

Other operating income 69,546 160,528
OPERATING PROFIT 481,211 454,129

Interest receivable and similar income 37,008 -
518,219 454,129

Interest payable and similar expenses 1,221 -
PROFIT BEFORE TAXATION 516,998 454,129

Tax on profit 127,069 87,422
PROFIT FOR THE FINANCIAL YEAR 389,929 366,707

INNOVATION ON-SITE LIMITED (REGISTERED NUMBER: 06350664)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 106,823 14,960

CURRENT ASSETS
Stocks 3,013 356
Debtors 5 263,757 323,016
Cash at bank 2,888,993 3,086,827
3,155,763 3,410,199
CREDITORS
Amounts falling due within one year 6 957,320 789,565
NET CURRENT ASSETS 2,198,443 2,620,634
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,305,266

2,635,594

PROVISIONS FOR LIABILITIES 24,645 3,197
NET ASSETS 2,280,621 2,632,397

CAPITAL AND RESERVES
Called up share capital 7 2 2
Capital redemption reserve 1 -
Retained earnings 2,280,618 2,632,395
SHAREHOLDERS' FUNDS 2,280,621 2,632,397

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 ON-SITE LIMITED (REGISTERED NUMBER: 06350664)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared 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 11 July 2024 and were signed on its behalf by:





M J Hillson - Director


INNOVATION ON-SITE LIMITED (REGISTERED NUMBER: 06350664)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 2 2,311,101 - 2,311,103

Changes in equity
Dividends - (45,413 ) - (45,413 )
Total comprehensive income - 366,707 - 366,707
Balance at 31 December 2022 2 2,632,395 - 2,632,397

Changes in equity
Dividends - (51,706 ) - (51,706 )
Total comprehensive income - (300,071 ) 1 (300,070 )
Balance at 31 December 2023 2 2,280,618 1 2,280,621

INNOVATION ON-SITE LIMITED (REGISTERED NUMBER: 06350664)

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

1. STATUTORY INFORMATION

Innovation On-Site 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.

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.

Turnover
Turnover represents net invoiced work done in respect of carpentry work and the erection of timber frame buildings, excluding value added tax.

Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Full provision is made for losses on all contracts in the period in which they are first foreseen.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 33% on cost and 20% on cost
Motor vehicles - 33% on cost and 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

INNOVATION ON-SITE LIMITED (REGISTERED NUMBER: 06350664)

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

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
Company contributions payable in respect of individual pension schemes and company pension schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account.

Long term contract balances
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end by recording turnover and related costs as contract activity progresses.

Income recognition of retentions
Income from retentions is recognised when received.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2022 - 43 ) .

INNOVATION ON-SITE LIMITED (REGISTERED NUMBER: 06350664)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 26,365 2,174 119,002 38,133 185,674
Additions 9,391 148 111,502 2,392 123,433
Disposals (4,598 ) - (54,716 ) - (59,314 )
At 31 December 2023 31,158 2,322 175,788 40,525 249,793
DEPRECIATION
At 1 January 2023 18,535 2,174 117,975 32,030 170,714
Charge for year 6,140 36 20,317 4,272 30,765
Eliminated on disposal (3,793 ) - (54,716 ) - (58,509 )
At 31 December 2023 20,882 2,210 83,576 36,302 142,970
NET BOOK VALUE
At 31 December 2023 10,276 112 92,212 4,223 106,823
At 31 December 2022 7,830 - 1,027 6,103 14,960

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts recoverable on contract 200,223 136,920
Other loans 2,146 944
Other debtors - 29
Hillson Builders Limited - 116,249
VAT 14,248 13,870
Prepayments 47,140 55,004
263,757 323,016

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 30,758 22,030
Corporation tax 105,621 91,863
Social security and other taxes 72,494 54,383
Other creditors - 9,458
M J Hillson Limited - 79
M J Hillson Group Limited 34,470 54,911
Directors' loan accounts 17,235 22,706
Accrued expenses 696,742 534,135
957,320 789,565

INNOVATION ON-SITE LIMITED (REGISTERED NUMBER: 06350664)

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

7. CALLED UP SHARE CAPITAL

On 23rd February 2023 the company amended its share capital in issue from 2 ordinary shares of £1 each to 200 ordinary Shares of 1p each. Subsequently, on the same date, the company repurchased 50 ordinary Shares of 1p each.

At the year end shares in issue were 150 ordinary shares of 1p each.

8. COMPANY SHARE BUY BACK

On 23rd February 2023 the company redeemed at a premium 1 ordinary share of 50p at a total redemption cost of £690,000.