BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the provision of engineering, design and consultancy services. 20 August 2024 28 29 NI069190 2023-12-31 NI069190 2022-12-31 NI069190 2021-12-31 NI069190 2023-01-01 2023-12-31 NI069190 2022-01-01 2022-12-31 NI069190 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI069190 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI069190 uk-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI069190 uk-bus:FullAccounts 2023-01-01 2023-12-31 NI069190 uk-bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 NI069190 uk-bus:CompanySecretary1 2023-01-01 2023-12-31 NI069190 uk-bus:RegisteredOffice 2023-01-01 2023-12-31 NI069190 uk-bus:Agent1 2023-01-01 2023-12-31 NI069190 uk-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI069190 uk-core:ShareCapital 2023-12-31 NI069190 uk-core:ShareCapital 2022-12-31 NI069190 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI069190 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI069190 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI069190 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI069190 uk-bus:FRS102 2023-01-01 2023-12-31 NI069190 uk-core:LandBuildings 2023-01-01 2023-12-31 NI069190 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI069190 uk-core:MotorVehicles 2023-01-01 2023-12-31 NI069190 uk-core:IntangibleAssetsOtherThanGoodwill 2022-12-31 NI069190 uk-core:IntangibleAssetsOtherThanGoodwill 2023-12-31 NI069190 uk-core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 NI069190 uk-core:CurrentFinancialInstruments 2023-12-31 NI069190 uk-core:CurrentFinancialInstruments 2022-12-31 NI069190 uk-core:WithinOneYear 2023-12-31 NI069190 uk-core:WithinOneYear 2022-12-31 NI069190 uk-core:WithinOneYear 2023-12-31 NI069190 uk-core:WithinOneYear 2022-12-31 NI069190 uk-core:WithinOneYear 2023-12-31 NI069190 uk-core:WithinOneYear 2022-12-31 NI069190 uk-core:AfterOneYear 2023-12-31 NI069190 uk-core:AfterOneYear 2022-12-31 NI069190 uk-core:AfterOneYear 2023-12-31 NI069190 uk-core:AfterOneYear 2022-12-31 NI069190 uk-core:BetweenOneTwoYears 2023-12-31 NI069190 uk-core:BetweenOneTwoYears 2022-12-31 NI069190 uk-core:BetweenTwoFiveYears 2023-12-31 NI069190 uk-core:BetweenTwoFiveYears 2022-12-31 NI069190 uk-core:BetweenOneFiveYears 2023-12-31 NI069190 uk-core:BetweenOneFiveYears 2022-12-31 NI069190 uk-core:EmployeeBenefits 2022-12-31 NI069190 uk-core:EmployeeBenefits 2023-01-01 2023-12-31 NI069190 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI069190 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI069190 uk-core:OtherDeferredTax 2023-12-31 NI069190 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-12-31 NI069190 uk-core:EmployeeBenefits 2023-12-31 NI069190 uk-core:ParentEntities 2023-01-01 2023-12-31 NI069190 uk-core:UltimateParent 2023-01-01 2023-12-31 NI069190 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI069190
 
 
IN2 Design Engineering Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 December 2023



IN2 Design Engineering Limited
DIRECTOR AND OTHER INFORMATION

 
Director Barry Flynn
 
 
Company Secretary Barry Flynn
 
 
Company Registration Number NI069190
 
 
Registered Office 2nd Floor
5-23 Hill Street
Belfast
Co Antrim
BT1 2LA
United Kingdom
 
 
Business Address 2nd Floor
5-23 Hill Street
Belfast
BT1 2LA
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
BT1 1PG
United Kingdom



IN2 Design Engineering Limited

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of IN2 Design Engineering Limited
for the financial year ended 31 December 2023
 
In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 December 2023 as set out on pages  to 15 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the director of IN2 Design Engineering Limited, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 December 2023 your duty to ensure that IN2 Design Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of IN2 Design Engineering Limited. You consider that IN2 Design Engineering Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of IN2 Design Engineering Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
BT1 1PG
United Kingdom
 
20 August 2024



IN2 Design Engineering Limited
Company Registration Number: NI069190
STATEMENT OF FINANCIAL POSITION
as at 31 December 2023

2023 2022
Notes £ £
 
Non-Current Assets
Intangible assets 4 7,763 12,193
Property, plant and equipment 5 454,933 399,892
───────── ─────────
Non-Current Assets 462,696 412,085
───────── ─────────
 
Current Assets
Inventories 6 566,257 433,954
Receivables 7 605,559 432,825
Cash and cash equivalents 199,717 43,274
───────── ─────────
1,371,533 910,053
───────── ─────────
Payables: amounts falling due within one year 8 (1,201,521) (763,369)
───────── ─────────
Net Current Assets 170,012 146,684
───────── ─────────
Total Assets less Current Liabilities 632,708 558,769
 
Payables:
amounts falling due after more than one year 9 (106,422) (151,070)
 
Provisions for liabilities 11 92,653 1,955
───────── ─────────
Net Assets 618,939 409,654
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 12 618,839 409,554
───────── ─────────
Equity attributable to owners of the company 618,939 409,654
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 20 August 2024
           
           
________________________________          
Barry Flynn          
Director          
           



IN2 Design Engineering Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
IN2 Design Engineering Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI069190. The registered office of the company is 2nd Floor, 5-23 Hill Street, Belfast, Co Antrim, BT1 2LA, United Kingdom. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Software Licences
Software Licences are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 3 years.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - No Depreciation
  Fixtures, fittings and equipment - 3 years straight line
  Motor vehicles - 5 years straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
 
Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 28, (2022 - 29).
 
  2023 2022
  Number Number
 
Employees 28 29
  ═════════ ═════════
       
4. Intangible assets
  Software Licences  
    Total
  £ £
Cost
At 1 January 2023 13,325 13,325
  ───────── ─────────
 
At 31 December 2023 13,325 13,325
  ───────── ─────────
Amortisation
At 1 January 2023 1,132 1,132
Charge for financial year 4,430 4,430
  ───────── ─────────
At 31 December 2023 5,562 5,562
  ───────── ─────────
Carrying amount
At 31 December 2023 7,763 7,763
  ═════════ ═════════
At 31 December 2022 12,193 12,193
  ═════════ ═════════
           
5. Property, plant and equipment
  Land and Fixtures, Motor Total
  buildings fittings and vehicles  
  freehold equipment    
  £ £ £ £
Cost
At 1 January 2023 254,500 197,013 191,229 642,742
Additions - 58,715 46,203 104,918
  ───────── ───────── ───────── ─────────
At 31 December 2023 254,500 255,728 237,432 747,660
  ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 - 170,871 71,979 242,850
Charge for the financial year - 17,449 32,428 49,877
  ───────── ───────── ───────── ─────────
At 31 December 2023 - 188,320 104,407 292,727
  ───────── ───────── ───────── ─────────
Carrying amount
At 31 December 2023 254,500 67,408 133,025 454,933
  ═════════ ═════════ ═════════ ═════════
At 31 December 2022 254,500 26,142 119,250 399,892
  ═════════ ═════════ ═════════ ═════════
           
5.1. Property, plant and equipment continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2023   2022  
  Carrying Depreciation Carrying Depreciation
  amount charge amount charge
  £ £ £ £
 
Motor vehicles 117,959 34,735 106,492 16,876
  ═════════ ═════════ ═════════ ═════════
       
6. Inventories 2023 2022
  £ £
 
Work in progress 566,257 433,954
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Receivables 2023 2022
  £ £
 
Trade receivables 508,822 280,366
Taxation  (Note 10) - 9,131
Prepayments and accrued income 96,737 143,328
  ───────── ─────────
  605,559 432,825
  ═════════ ═════════
       
8. Payables 2023 2022
Amounts falling due within one year £ £
 
Bank loan 33,154 82,280
Net obligations under finance leases
and hire purchase contracts 13,723 10,485
Trade payables 228,916 72,180
Amounts owed to connected parties (Note 14) 535,063 237,819
Taxation  (Note 10) 200,152 259,521
Director's current account 163,609 78,578
Other creditors 17,947 12,943
Accruals 8,957 9,563
  ───────── ─────────
  1,201,521 763,369
  ═════════ ═════════
       
9. Payables 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 24,175 91,226
Finance leases and hire purchase contracts 82,247 59,844
  ───────── ─────────
  106,422 151,070
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 33,154 82,280
Repayable between one and two years 24,175 48,948
Repayable between two and five years - 42,278
  ───────── ─────────
  57,329 173,506
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 13,723 10,485
Repayable between one and five years 82,247 59,844
  ───────── ─────────
  95,970 70,329
  ═════════ ═════════
 
IN2 Design Engineering Ltd has an outstanding charge with AIB Group (UK) Plc. IN2 Design Engineering Ltd gave the following security to AIB Group (UK) Plc;
All that freehold property known as 8-9 Donegall Quay, Belfast and comprised in Folio AN206594.
       
10. Taxation 2023 2022
  £ £
 
Receivables:
Corporation tax - 9,131
  ═════════ ═════════
Payables:
VAT 143,314 48,476
Corporation tax (2) 8,963
PAYE / NI 56,840 202,082
  ───────── ─────────
  200,152 259,521
  ═════════ ═════════
           
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2023 2022
  £ £ £ £
 
At financial year start (1,955) - (1,955) (9,358)
Charged to profit and loss 9,061 (99,759) (90,698) 7,403
  ───────── ───────── ───────── ─────────
At financial year end 7,106 (99,759) (92,653) (1,955)
  ═════════ ═════════ ═════════ ═════════
       
12. Income Statement
     
  2023 2022
  £ £
 
At 1 January 2023 409,554 344,890
Profit for the financial year 209,285 64,664
  ───────── ─────────
At 31 December 2023 618,839 409,554
  ═════════ ═════════
       
13. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2023.
           
14. Related party transactions
 
The following amounts are due to other connected parties:
      2023 2022
      £ £
 
IN2 Design Partnership Ltd     535,063 237,819
      ═════════ ═════════
 
Barry Flynn is also a director and majority shareholder in IN2 Design Partnership Ltd.
Net transactions between the two companies during the year totaled £297,244.
As at the 31 December 2023, IN2 Design Engineering Ltd owed IN2 Design Partnership Ltd £535,063, this is included within amounts falling due within 1 year.
   
15. Director's advances, credits and guarantees
 
As at 1st January 2023, the the company owed the director £78,578. During the Financial Year Ended 31st December 2023 net transactions between the company and the director totalled £85,031. Therefore, as at 31 December 2023 the company owed the director £163,609, this amount is interest free and repayable on demand.
   
16. Parent and ultimate parent company
 
As at 31 December 2023, the company regards IN2 Design Engineering Holdings Ltd as its parent company.
 
The companys ultimate parent undertaking is IN2 Design Partnership Holdings Ltd.
The address of IN2 Design Partnership Holdings Ltd is Unit E Mountpleasant Business Centre Mountpleasant Avenue Upper Ireland D06 P5n8.
 
       
17. Parent and Ultimate Parent Company
 
As at 31 December 2023, the company regards IN2 Design Engineering Holdings Limited as its ultimate parent company.

The address of IN2 Design Engineering Holdings Limited is 2nd Floor 5-23 Hill Street, Belfast, Northern Ireland, BT1 2LA.

Post year end, and at the date of approval of the accounts, the company regards IN2 Design Partnership Holdings Limited as its ultimate parent company.

The address of IN2 Design Partnership Holdings Limited is Unit E, Mountpleasant Business Centre, Mountpleasant Avenue Upper, Dublin, Ireland, D06 P5N8