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REGISTERED NUMBER: 13364781 (England and Wales)















PLUS INNOVATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






PLUS INNOVATION LIMITED (REGISTERED NUMBER: 13364781)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PLUS INNOVATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: S F Allison
C Bryan
W G Oram
P Postle





REGISTERED OFFICE: C/o Resource Limited
Wentloog Corporate Park
Wentloog
County of Cardiff
CF3 2ER





REGISTERED NUMBER: 13364781 (England and Wales)





ACCOUNTANTS: MHA (trading name of MacIntyre Hudson LLP)
Limited liability partnership in England & Wales
Registered number OC312313
Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
County of Cardiff
CF23 8RS

PLUS INNOVATION LIMITED (REGISTERED NUMBER: 13364781)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 813,437 336,926

CURRENT ASSETS
Debtors 5 76,597 6,027
Cash at bank 547 17
77,144 6,044
CREDITORS
Amounts falling due within one year 6 (916,905 ) (358,208 )
NET CURRENT LIABILITIES (839,761 ) (352,164 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(26,324

)

(15,238

)

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings (26,325 ) (15,239 )
SHAREHOLDERS' FUNDS (26,324 ) (15,238 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





C Bryan - Director


PLUS INNOVATION LIMITED (REGISTERED NUMBER: 13364781)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Plus Innovation 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 (£), the company's functional currency, and rounded to the nearest pound.

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.

There have been no material departures from Financial Reporting Standard 102 1A.

Going concern
At 30 April 2024 the company had net current liabilities of £839,761 and net liabilities of £26,324. The directors consider the going concern basis adopted for these financial statements to be appropriate, based upon available continued support.

Tangible fixed assets
Fixed assets are initially recorded at cost.

The plant is a long-life asset with a predicted economic useful life of a minimum of 30 years. With annual maintenance and servicing of the furnace lining, the assets life is indefinite. At 30 April 2024 the asset was not fully operational and therefore no depreciation has been applied.

Land and buildings comprises of a furnace building. At 30 April 2024 the building asset was under construction with a building contractor and therefore no depreciation has been applied.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Basic financial instruments
Basic financial instruments are recognised at amortised cost.

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

PLUS INNOVATION LIMITED (REGISTERED NUMBER: 13364781)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Land and
Property Plant Totals
£    £    £   
COST
At 1 May 2023 - 336,926 336,926
Additions 313,203 163,308 476,511
At 30 April 2024 313,203 500,234 813,437
NET BOOK VALUE
At 30 April 2024 313,203 500,234 813,437
At 30 April 2023 - 336,926 336,926

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT 63,313 6,026
Unpaid share capital 1 1
Prepayments 13,283 -
76,597 6,027

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 625 2,060
Other creditors 914,439 350,689
Accruals and deferred income 1,841 5,459
916,905 358,208

7. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

8. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 788,589 81,000

The above capital commitment is in relation to the purchase of plant and building construction.

PLUS INNOVATION LIMITED (REGISTERED NUMBER: 13364781)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. RELATED PARTY DISCLOSURES

During the year the company entered into transactions with its related parties. At 30 April 2024 the following related party loan balance existed:

30.04.2430.04.23
Other related parties£   £   
Creditors: Amounts falling due within one year (other creditors)914,439350,689

No interest has been charged on the above loan.

10. ULTIMATE PARENT

The company is a wholly owned subsidiary of Resource Trustees Limited, a company registered in England and Wales.