Company registration number 10195894 (England and Wales)
Innovative Engineering Group Limited
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Innovative Engineering Group Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Innovative Engineering Group Limited
Statement of financial position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
690,620
690,620
Current assets
Cash at bank and in hand
1
1
Creditors: amounts falling due within one year
4
(125,000)
Net current assets/(liabilities)
1
(124,999)
Net assets
690,621
565,621
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
690,620
565,620
Total equity
690,621
565,621
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 September 2024 and are signed on its behalf by:
Mr A Thornton
Director
Company registration number 10195894 (England and Wales)
Innovative Engineering Group Limited
Notes to the financial statements
for the year ended 31 December 2023
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
2
Innovative Engineering Group Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 3 -
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
690,620
690,620
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
125,000
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.1p each
1,000
1,000
1
1
Ordinary B Shares of 0.1p each
27
27
-
-
Ordinary C Shares of 0.1p each
27
27
-
-
Ordinary D Shares of 0.1p each
100
100
-
-
Ordinary E Shares of 0.1p each
100
100
-
-
6
Company information
Innovative Engineering Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 85 Great Portland Street, First Floor, London, W1W 7LT.