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Registered number: 12131588
SHELLWORKS GROUP LTD
Unaudited Financial Statements
For The Year Ended 31 December 2024
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12131588
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,818 3,201
Tangible Assets 5 979,890 937,331
982,708 940,532
CURRENT ASSETS
Stocks 6 1,309,746 712,542
Debtors 7 933,882 741,599
Cash at bank and in hand 592,446 996,515
2,836,074 2,450,656
Creditors: Amounts Falling Due Within One Year 8 (372,539 ) (155,834 )
NET CURRENT ASSETS (LIABILITIES) 2,463,535 2,294,822
TOTAL ASSETS LESS CURRENT LIABILITIES 3,446,243 3,235,354
Creditors: Amounts Falling Due After More Than One Year 9 (1,878,124 ) -
NET ASSETS 1,568,119 3,235,354
CAPITAL AND RESERVES
Called up share capital 10 6,216,999 6,216,999
Profit and Loss Account (4,648,880 ) (2,981,645 )
SHAREHOLDERS' FUNDS 1,568,119 3,235,354
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Insiya Jafferjee
Director
15th July 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
SHELLWORKS GROUP LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12131588 . The registered office is Unit 2 Crusaders Industrial Estate, 167 Hermitage Road, London, N4 1LZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
The Company incurred a loss during the year of £1,667,235 (2023: £1,389,420), which has been funded by the company's parent company,  Shellworks Inc. 
Shellworks Inc will continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.
The Directors having assessed the current financial position of Shellworks Inc.  and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are intellectual property. It is amortised to profit and loss account over its estimated economic
life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 4- 5 years straight line
Plant & Machinery 3 - 10 years straight line
Fixtures & Fittings 5 years straight line
Computer Equipment 3 years straight line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable and when the realisation of tax repayment claim is probable.
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Research and Development
Expenditure on research and development is written off in the year in which it is incurred.
2.11. Share Based Payments
The company operates an EMI qualifying share option scheme over shares to be issued in the parent company, Shellworks Inc.
The company reflects the economic cost of awarding share options to employees by recording an expense in the Profit and Loss Account equal to the estimated fair value of the benefit awarded at the time of the award.  The expense is recognised in the Profit and Loss Account on a straight line basis over the vesting period.
The amounts charged to Profit and Loss are reflected in reserves as the options are equity settled.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 15)
16 15
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 3,983
As at 31 December 2024 3,983
Amortisation
As at 1 January 2024 782
Provided during the period 383
As at 31 December 2024 1,165
Net Book Value
As at 31 December 2024 2,818
As at 1 January 2024 3,201
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 284,895 1,062,416 20,904 28,561 1,396,776
Additions 18,401 330,829 17,598 8,754 375,582
As at 31 December 2024 303,296 1,393,245 38,502 37,315 1,772,358
Depreciation
As at 1 January 2024 22,924 411,808 7,998 16,715 459,445
Provided during the period 59,062 259,505 6,578 7,878 333,023
As at 31 December 2024 81,986 671,313 14,576 24,593 792,468
Net Book Value
As at 31 December 2024 221,310 721,932 23,926 12,722 979,890
As at 1 January 2024 261,971 650,608 12,906 11,846 937,331
6. Stocks
2024 2023
£ £
Stock 1,309,746 712,542
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 126,957 27,938
Prepayments and accrued income 180,269 105,408
Other debtors 110,775 110,775
Corporation tax recoverable assets 494,400 398,401
VAT 21,481 48,301
Amounts owed by parent undertaking - 50,776
933,882 741,599
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 208,548 102,849
Other taxes and social security 24,318 30,428
Pension Payable 3,313 3,544
Accruals and deferred income 136,360 19,013
372,539 155,834
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 633,695 -
Amounts owed to parent undertaking 1,244,429 -
1,878,124 -
Other loans are advances on an Innovate UK loan from a total facility of £1,730,655.  The loan is secured by a fixed and floating charge on the company's assets.  The loan is repayable over 3 years from January 2027.
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 6,216,999 6,216,999
Share Capital comprises 6,216,999 Ordinary shares of £1 each.
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 179,625 179,625
Later than one year and not later than five years 449,063 613,719
628,688 793,344
12. Related Party Transactions
The company is 100% owned by Shellworks Inc.  At the year end,  Shellworks Inc was owed £1,244,429 by the company (2023: £50,776 owed to the company).
13. Ultimate Controlling Party
The company's immediate and ultimate parent undertaking is Shellworks Inc., a company incorporated in the United States of America. The Directors consider there to be no ultimate controlling party.
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