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Registered number: 12131588
SHELLWORKS GROUP LTD
Unaudited Financial Statements
For The Year Ended 31 December 2023
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12131588
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,201 3,585
Tangible Assets 5 937,331 279,811
940,532 283,396
CURRENT ASSETS
Stocks 6 712,542 189,758
Debtors 7 741,599 274,893
Cash at bank and in hand 996,515 4,024,466
2,450,656 4,489,117
Creditors: Amounts Falling Due Within One Year 8 (155,834 ) (210,015 )
NET CURRENT ASSETS (LIABILITIES) 2,294,822 4,279,102
TOTAL ASSETS LESS CURRENT LIABILITIES 3,235,354 4,562,498
Creditors: Amounts Falling Due After More Than One Year 9 - (6,154,603 )
NET ASSETS/(LIABILITIES) 3,235,354 (1,592,105 )
CAPITAL AND RESERVES
Called up share capital 10 6,216,999 120
Profit and Loss Account (2,981,645 ) (1,592,225 )
SHAREHOLDERS' FUNDS 3,235,354 (1,592,105)
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Insiya Jafferjee
Director
20th June 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SHELLWORKS GROUP LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12131588 . The registered office is Unit 2 Crusaders Industrial Estate, 167 Hermitage Road, London, N4 1LZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are intellectual property. It is amortised to profit and loss account over its estimated economic
life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5 years straight line
Plant & Machinery 3 - 5 years straight line
Fixtures & Fittings 5 years straight line
Computer Equipment 3 years straight line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable and when the realisation of tax repayment claim is probable.
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
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Page 4
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Research and Development
Expenditure on research and development is written off in the year in which it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2022: 11)
15 11
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 3,983
As at 31 December 2023 3,983
Amortisation
As at 1 January 2023 398
Provided during the period 384
As at 31 December 2023 782
Net Book Value
As at 31 December 2023 3,201
As at 1 January 2023 3,585
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 - 479,270 23,390 24,489 527,149
Additions 284,895 597,072 7,785 6,728 896,480
Disposals - (13,926 ) (10,271 ) (2,656 ) (26,853 )
As at 31 December 2023 284,895 1,062,416 20,904 28,561 1,396,776
Depreciation
As at 1 January 2023 - 231,463 8,699 7,176 247,338
Provided during the period 22,924 185,268 3,407 10,076 221,675
Disposals - (4,923 ) (4,108 ) (537 ) (9,568 )
As at 31 December 2023 22,924 411,808 7,998 16,715 459,445
Net Book Value
As at 31 December 2023 261,971 650,608 12,906 11,846 937,331
As at 1 January 2023 - 247,807 14,691 17,313 279,811
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Page 5
6. Stocks
2023 2022
as restated
£ £
Stock 712,542 189,758
7. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 27,938 95,360
Prepayments and accrued income 105,408 32,807
Other debtors 110,775 35,520
Corporation tax recoverable assets 398,401 76,374
VAT 48,301 34,832
Amounts owed by parent undertaking 50,776 -
741,599 274,893
8. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 102,849 174,944
Other taxes and social security 30,428 35,058
Other creditors 19,013 13
Pension Payable 3,544 -
155,834 210,015
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Amounts owed to parent undertaking - 6,154,603
- 6,154,603
The parent compay loan was converted to equity by the issue of 6,216,879 ordinary shares of £1 each on the 27th Martch 2023.
10. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 6,216,999 120
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Page 6
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
as restated
£ £
Not later than one year 179,625 -
Later than one year and not later than five years 613,719 -
793,344 -
12. Ultimate Controlling Party
The company's immediate and ultimate parent undertaking is Shellworks Inc., a company incorporated in the United States of America. The Directors consider there to be no ultimate controlling party.
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