Company registration number SC491992 (Scotland)
INEX WORKS GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
INEX WORKS GROUP LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
INEX WORKS GROUP LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A H Stevenson
Mrs M L MacKinven
Company number
SC491992
Registered office
3 Mid Road
Blairlinn Industrial Estate
Cumbernauld
Glasgow
Scotland
G67 2TT
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
INEX WORKS GROUP LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,211
11,514
Tangible assets
4
515,591
619,361
Investments
5
18,796
74,454
543,598
705,329
Current assets
Debtors
6
600
90,471
Cash at bank and in hand
479,373
36,310
479,973
126,781
Creditors: amounts falling due within one year
7
(660,884)
(409,844)
Net current liabilities
(180,911)
(283,063)
Total assets less current liabilities
362,687
422,266
Creditors: amounts falling due after more than one year
8
(68,880)
(133,664)
Provisions for liabilities
9
(115,322)
(138,154)
Net assets
178,485
150,448
Capital and reserves
Called up share capital
11
10,555
10,555
Share premium account
2,903
2,903
Profit and loss reserves
165,027
136,990
Total equity
178,485
150,448
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 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.
INEX WORKS GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
Mr A H Stevenson
Mrs M L MacKinven
Director
Director
Company Registration No. SC491992
INEX WORKS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Inex Works Group Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 Mid Road, Blairlinn Industrial Estate, Cumbernauld, Glasgow, Scotland, G67 2TT. The company's registration number is SC491992.
1.1
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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
The turnover shown in the profit and loss account represents the value of all income from the leasing of fixed assets to subsidiaries during the year, including management charges receivable, delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations.
1.3
Research and development expenditure
Research and development costs are being amortised evenly over their estimated useful life.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
20% reducing balance
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Furniture and equipment
20% reducing balance
Motor vehicles
20% reducing balance
INEX WORKS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
1.6
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 and loss account.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
INEX WORKS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within other creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
3
Intangible fixed assets
Computer software
Research and development
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
31,000
79,048
110,048
Amortisation and impairment
At 1 May 2023
19,487
79,047
98,534
Amortisation charged for the year
2,303
2,303
At 30 April 2024
21,790
79,047
100,837
Carrying amount
At 30 April 2024
9,210
1
9,211
At 30 April 2023
11,513
1
11,514
INEX WORKS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Intangible fixed assets
(Continued)
- 7 -
In line with the company's accounting policy the directors have reviewed the carrying value of all categories of fixed assets at the balance sheet date.
4
Tangible fixed assets
Plant and machinery
Furniture and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
692,351
81,507
540,000
1,313,858
Additions
47,155
1,375
48,530
Disposals
(36,790)
(36,790)
At 30 April 2024
702,716
82,882
540,000
1,325,598
Depreciation and impairment
At 1 May 2023
424,882
43,763
225,852
694,497
Depreciation charged in the year
73,937
7,736
62,830
144,503
Eliminated in respect of disposals
(28,993)
(28,993)
At 30 April 2024
469,826
51,499
288,682
810,007
Carrying amount
At 30 April 2024
232,890
31,383
251,318
515,591
At 30 April 2023
267,469
37,744
314,148
619,361
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
18,796
74,454
INEX WORKS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
74,454
Disposals
(2)
At 30 April 2024
74,452
Impairment
At 1 May 2023
-
Impairment losses
55,656
At 30 April 2024
55,656
Carrying amount
At 30 April 2024
18,796
At 30 April 2023
74,454
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
70,045
Other debtors
600
20,426
600
90,471
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
3,463
1,968
Amounts owed to group undertakings
575,953
305,859
Taxation and social security
12,459
Other creditors
59,009
92,017
660,884
409,844
Included within other creditors is £54,784 (2023 - £71,982) in relation to hire purchase contracts, these liabilities are secured over the assets to which they relate.
INEX WORKS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
10,833
20,833
Other creditors
58,047
112,831
68,880
133,664
Included within other creditors is £58,047 (2023 - £112,831) in relation to hire purchase contracts, these liabilities are secured over the assets to which they relate.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
115,322
138,154
10
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
115,322
138,154
2024
Movements in the year:
£
Liability at 1 May 2023
138,154
Credit to profit or loss
(22,832)
Liability at 30 April 2024
115,322
11
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
9,500 A Ordinary shares of £1
9,500
9,500
1,055 B Ordinary shares of £1
1,055
1,055
10,555
10,555
INEX WORKS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Called up share capital
(Continued)
- 10 -
All classes of shares rank pari passu in all respects. However when paying dividends the directors may differentiate between the classes of shares to which payments are being made in respect of the amount or percentage or dividend payable.
12
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".