Company registration number SC507998 (Scotland)
INEX WORKS GROUND MAINTENANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
INEX WORKS GROUND MAINTENANCE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
INEX WORKS GROUND MAINTENANCE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A H Stevenson
Mrs M L MacKinven
Company number
SC507998
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 GROUND MAINTENANCE LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
156,812
199,217
Current assets
Stocks
16,188
14,407
Debtors
4
414,526
449,813
Cash at bank and in hand
57,218
170,797
487,932
635,017
Creditors: amounts falling due within one year
5
(290,835)
(441,310)
Net current assets
197,097
193,707
Total assets less current liabilities
353,909
392,924
Creditors: amounts falling due after more than one year
6
(42,596)
(80,617)
Provisions for liabilities
7
(39,203)
(49,804)
Net assets
272,110
262,503
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
272,109
262,502
Total equity
272,110
262,503

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 GROUND MAINTENANCE 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. SC507998
INEX WORKS GROUND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Inex Works Ground Maintenance 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 SC507998.

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.

1.2
Turnover

The turnover shown in the profit and loss account represents the value of all services delivered during the year, at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

 

1.3
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 equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
20% reducing balance

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.6
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.

INEX WORKS GROUND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.7
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.

1.8
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.

1.9
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.

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

INEX WORKS GROUND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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 creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

 

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Total
40
44
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
77,481
4,379
204,088
285,948
Depreciation and impairment
At 1 May 2023
22,055
1,381
63,295
86,731
Depreciation charged in the year
13,647
600
28,158
42,405
At 30 April 2024
35,702
1,981
91,453
129,136
Carrying amount
At 30 April 2024
41,779
2,398
112,635
156,812
At 30 April 2023
55,426
2,998
140,793
199,217

 

INEX WORKS GROUND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
162,018
262,202
Other debtors
252,508
187,611
414,526
449,813
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
88,337
108,449
Amounts owed to group undertakings
-
0
64,416
Taxation and social security
86,766
89,914
Other creditors
115,732
178,531
290,835
441,310

Included within other creditors is £37,555 (2023 - £37,555) in relation to hire purchase contracts, these liabilities are secured over the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
42,596
80,617

Included within other creditors is £42,596 (2023 - £80,617) in relation to hire purchase contracts, these liabilities are secured over the assets to which they relate.

7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
39,203
49,804
INEX WORKS GROUND MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Deferred taxation

The following are the major deferred tax assets and liabilities recognised by the company and movements thereon:

Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
39,203
49,804
-
-
Other timing differences
-
-
12,500
12,500
39,203
49,804
12,500
12,500
2024
Movements in the year:
£
Liability at 1 May 2023
37,304
Credit to profit or loss
(10,601)
Liability at 30 April 2024
26,703
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
86,608
56,000
11
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 other companies 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".

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