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REGISTERED NUMBER: 00912641 (England and Wales)

















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

I.N.E.C. Engineering Company Limited

I.N.E.C. Engineering Company Limited (Registered number: 00912641)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I.N.E.C. Engineering Company Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr P Orlic





REGISTERED OFFICE: Inec House
73 Mornington Street
London
NW1 7QE





REGISTERED NUMBER: 00912641 (England and Wales)





ACCOUNTANTS: Sterling Partners Limited
Chartered Accountants
Chartered Tax Advisors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR

I.N.E.C. Engineering Company Limited (Registered number: 00912641)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 1,100,000 1,100,000
1,100,000 1,100,000

CURRENT ASSETS
Debtors 6 5,914 6,886
Cash at bank 11,655 -
17,569 6,886
CREDITORS
Amounts falling due within one year 7 (48,207 ) (155,879 )
NET CURRENT LIABILITIES (30,638 ) (148,993 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,069,362

951,007

PROVISIONS FOR LIABILITIES 8 (91,701 ) (69,693 )
NET ASSETS 977,661 881,314

CAPITAL AND RESERVES
Called up share capital 9 725,000 725,000
Share premium 10 144,986 -
Revaluation reserve 10 111,515 111,515
Other reserves 10 641,965 641,965
Retained earnings 10 (645,805 ) (597,166 )
SHAREHOLDERS' FUNDS 977,661 881,314

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 director acknowledges his 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.

I.N.E.C. Engineering Company Limited (Registered number: 00912641)

Balance Sheet - 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 August 2024 and were signed by:





Mr P Orlic - Director


I.N.E.C. Engineering Company Limited (Registered number: 00912641)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

I.N.E.C. Engineering Company 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 as modified by the revaluation of certain assets.

These accounts have been prepared on a going concern basis.

The presentation currency is £ sterling.

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 - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

I.N.E.C. Engineering Company Limited (Registered number: 00912641)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are usually recognised at transaction price (which is normally the invoice price), less any impairment losses for bad and doubtful debt. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest rate method, less any impairment losses for bad and doubtful debt.

Creditors
Short term creditors are usually recognised at transaction price (which is normally the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest rate method.

Rental income
Rental income from the operating leases is recognised on a straight line basis over the term of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 56,280
DEPRECIATION
At 1 January 2023
and 31 December 2023 56,280
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,100,000
NET BOOK VALUE
At 31 December 2023 1,100,000
At 31 December 2022 1,100,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 (378,090 )
Valuation in 2019 1,127,111
Valuation in 2021 350,979
1,100,000

I.N.E.C. Engineering Company Limited (Registered number: 00912641)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY - continued

If Investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 350,979 350,979

Investment property was valued on an open market basis on 31 January 2021 by Strettons .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 5,914 5,914
Prepayments - 972
5,914 6,886

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 273 -
Amounts owed to group undertakings 17,056 143,175
Other creditors 26,978 412
Directors' current accounts - 4,495
Accrued expenses 3,900 7,797
48,207 155,879

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 91,701 69,693

Deferred
tax
£   
Balance at 1 January 2023 69,693
Charge to Income Statement during year 22,008
Balance at 31 December 2023 91,701

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
725,000 Ordinary 1 725,000 725,000

I.N.E.C. Engineering Company Limited (Registered number: 00912641)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. RESERVES
Retained Share Revaluation Other
earnings premium reserve reserves Totals
£    £    £    £    £   

At 1 January 2023 (597,166 ) - 111,515 641,965 156,314
Deficit for the year (48,639 ) (48,639 )
Share premium - 144,986 - - 144,986
At 31 December 2023 (645,805 ) 144,986 111,515 641,965 252,661

11. OTHER FINANCIAL COMMITMENTS

The company as at 31st December 2023 has outstanding commitments in respect of loans totalling £19,663 (2022: £143,175).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
Ms A Milivojev
Balance outstanding at start of year (4,495 ) -
Amounts repaid 4,495 (4,495 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (4,495 )

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Nomel Limited by virtue of their shares.