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REGISTERED NUMBER: 08118818 (England and Wales)















INNOVATION WORKS (LINCS.) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


INNOVATION WORKS (LINCS.) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: E A Timmins
D H Starling





REGISTERED OFFICE: Innovation Works
Caenby Hall Business Park
Caenby Corner
Market Rasen
Lincolnshire
LN8 2BU





REGISTERED NUMBER: 08118818 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,560,047 1,530,668
Investments 5 4,185,000 4,185,000
5,745,047 5,715,668

CURRENT ASSETS
Debtors 6 77,066 59,907
Cash at bank 41,046 30,302
118,112 90,209
CREDITORS
Amounts falling due within one year 7 167,548 400,996
NET CURRENT LIABILITIES (49,436 ) (310,787 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,695,611 5,404,881

CREDITORS
Amounts falling due after more than one year 8 (639,737 ) (656,650 )

PROVISIONS FOR LIABILITIES (179,861 ) (167,380 )
NET ASSETS 4,876,013 4,580,851

CAPITAL AND RESERVES
Called up share capital 10 600,210 600,210
Merger reserve 11 3,584,900 3,584,900
Retained earnings 11 690,903 395,741
SHAREHOLDERS' FUNDS 4,876,013 4,580,851

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:




E A Timmins - Director



D H Starling - Director


INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Innovation Works (Lincs.) Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost and not provided
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at the revalued amounts made by the directors.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 938,553 1,283,140 98,146 88,539 2,408,378
Additions - 73,600 - 95,850 169,450
At 31 December 2024 938,553 1,356,740 98,146 184,389 2,577,828
DEPRECIATION
At 1 January 2024 31,436 769,823 41,296 35,155 877,710
Charge for year 11,692 84,100 14,213 30,066 140,071
At 31 December 2024 43,128 853,923 55,509 65,221 1,017,781
NET BOOK VALUE
At 31 December 2024 895,425 502,817 42,637 119,168 1,560,047
At 31 December 2023 907,117 513,317 56,850 53,384 1,530,668

The net book value of tangible fixed assets includes £ 146,373 (2023 - £ 118,782 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 January 2024
and 31 December 2024 4,185,000
NET BOOK VALUE
At 31 December 2024 4,185,000
At 31 December 2023 4,185,000

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2024 is represented by:

Shares in
group
undertakings
£   
Valuation in 2022 4,184,900
Cost 100
4,185,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 76,466 44,966
Other debtors 600 14,941
77,066 59,907

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,327 24,212
Hire purchase contracts 41,120 45,172
Trade creditors 54,392 136,234
Taxation and social security 46,425 29,462
Other creditors 1,284 165,916
167,548 400,996

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 605,328 629,768
Hire purchase contracts 34,409 26,882
639,737 656,650

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 507,560 529,012

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 629,655 653,980
Hire purchase contracts 75,529 72,054
705,184 726,034

The HP Liabilities are secured on the relevant assets concerned. The loans are secured on the land and workshop at Innovation Works, Caenby Hall Business Park, Caenby Corner, Market Rasen.

Included within other creditors: amounts falling due after more than one year is an amount of £510,371(2023: £529,012) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. CALLED UP SHARE CAPITAL

The share capital comprises of 420 allotted, called up and fully paid ordinary shares of 50p each and 6,000 allotted, called up and fully paid preference shares of £100 each. (2023: 420 allotted, called up and fully paid ordinary shares of 50p each and 6,000 allotted, called up and fully paid preference shares of £100 each).

11. RESERVES
Retained Merger
earnings reserve Totals
£    £    £   

At 1 January 2024 395,741 3,584,900 3,980,641
Profit for the year 412,125 412,125
Dividends (116,963 ) (116,963 )
At 31 December 2024 690,903 3,584,900 4,275,803

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
E A Timmins
Balance outstanding at start of year 890 1,014
Amounts advanced 68,686 28,511
Amounts repaid (69,642 ) (28,635 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (66 ) 890

D H Starling
Balance outstanding at start of year - 570
Amounts advanced 48,321 38,250
Amounts repaid (48,321 ) (38,820 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The directors loan accounts are unsecured and repayable on demand. Interest has been charged at the Inland Revenues official rate of interest. The balances have been repaid since the year end.

INNOVATION WORKS (LINCS.) LTD (REGISTERED NUMBER: 08118818)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. RELATED PARTY DISCLOSURES

There are the following related party transactions with Timmins Engineering and construction Limited, a company in which the directors have an interest:
Property and plant rent receivable of £383,869 (2023: £347,615)
Expenses paid of £Nil (2023: £111,945)
Trade debtors of £63,922 (2023: £39,341)
Trade creditors of £50,000 (2023: £131,934)
An inter-company loan in other creditors of £Nil (2023: £164,766)