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REGISTERED NUMBER: 05654662 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Billinginvest Inc Limited

Billinginvest Inc Limited (Registered number: 05654662)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Billinginvest Inc Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R Gale
J Gale
AS Field





SECRETARY: H Bogatz





REGISTERED OFFICE: c/o International ProcessPlants (Europe)
Limited, Postal Pages
The Grange Business Centre
Belasis Avenue
Billingham
TS23 1LG





REGISTERED NUMBER: 05654662 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Billinginvest Inc Limited (Registered number: 05654662)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 400,000 400,000

CURRENT ASSETS
Stocks 225,000 225,000
Debtors 5 3,365 3,365
Cash at bank 7,779 13,534
236,144 241,899
CREDITORS
Amounts falling due within one year 6 281,529 291,218
NET CURRENT LIABILITIES (45,385 ) (49,319 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

354,615

350,681

PROVISIONS FOR LIABILITIES 7 57,000 57,000
NET ASSETS 297,615 293,681

CAPITAL AND RESERVES
Called up share capital 8 1 1
Non distributable reserve 9 168,163 168,163
Retained earnings 9 129,451 125,517
SHAREHOLDERS' FUNDS 297,615 293,681

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 Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





AS Field - Director


Billinginvest Inc Limited (Registered number: 05654662)

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

1. STATUTORY INFORMATION

Billinginvest Inc 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Although the company had net current liabilities at 31 December 2023 of £45,385 (2022: £49,319) the financial statements have been prepared on a going concern basis. This basis assumes the continuing support of the parent company. The directors have received confirmation of such support.

Turnover
Turnover represents the net value of goods and services sold and rentals receivable.

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.

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

Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

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

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.

Billinginvest Inc Limited (Registered number: 05654662)

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

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 400,000
NET BOOK VALUE
At 31 December 2023 400,000
At 31 December 2022 400,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2012 292,040
Valuation in 2015 (66,877 )
Cost 174,837
400,000

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

2023 2022
£    £   
Cost 174,837 174,837

The investment property was valued by the directors on 15 March 2019 based on current and local market knowledge and is still deemed to be valued the same at 31 December 2023.

Costs of £66,877 were incurred during 2015 on land remediation. This cost has not affected the value of the land in the opinion of the directors.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
VAT 3,365 3,365

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation 924 950
Other creditors 270,281 279,944
Accrued expenses 10,324 10,324
281,529 291,218

Billinginvest Inc Limited (Registered number: 05654662)

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

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Revaluation of investment
property 57,000 57,000
57,000 57,000

Deferred
tax
£   
Balance at 1 January 2023 57,000
Balance at 31 December 2023 57,000

8. CALLED UP SHARE CAPITAL

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

9. RESERVES
Non
Retained distributable
earnings reserve Totals
£    £    £   

At 1 January 2023 125,517 168,163 293,680
Profit for the year 3,934 3,934
At 31 December 2023 129,451 168,163 297,614

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Dewing FCCA, ACA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited

Billinginvest Inc Limited (Registered number: 05654662)

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

11. RELATED PARTY DISCLOSURES

During the year the company undertook transactions with various related parties, and/or provided or received funds to assist or to be assisted with working capital requirements as detailed below:

Group companies
2023 2022
£    £   

Loan provided to Billinginvest Inc Limited 269,470 269,470

Expenses paid on behalf of Billinginvest Inc Limited 1,445 2,300

Total amount owed by Billinginvest Inc Limited at the year end 270,915 271,770

The loan is free of interest and repayable on demand.

Other related parties - common control
2023 2022
£    £   

Rental income received by Billinginvest Inc Limited (39,240 ) (24,570 )

Management fee invoiced to Billinginvest Inc Limited 30,000 30,000

Corporation tax paid/received for Billinginvest Inc Limited (3,378 ) 3,378

Repayment of related party balance 3,810 -

Total amount owed (to)/from Billinginvest Inc Limited at the year end (633 ) 8,175

No interest is charged on any outstanding balance.

12. ULTIMATE HOLDING COMPANY

The ultimate holding company is International Process Plants & Equipment Corporation, 410 Princeton Hightstown Road, Princeton Junction, New Jersey, a company incorporated in United States of America.