REGISTERED NUMBER: 09701798

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Openworks Engineering Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr N R Armstrong

Mr J E Cross

Mr C D Down

Mr R S Wilkinson

Mr A J Wilkinson

Mr G P Beall

REGISTERED OFFICE:

5 Regents Drive

Prudhoe

Northumberland

NE42 6PX

REGISTERED NUMBER:

09701798

ACCOUNTANTS:

S&W Partners (Newcastle) Limited

17 Queens Lane

Newcastle upon Tyne

Tyne and Wear

NE1 1RN

FIXED ASSETS

Intangible assets

5

6,511

7,860

Tangible assets

6

429,300

205,146

435,811

213,006

CURRENT ASSETS

Stocks

977,786

548,233

Debtors

7

1,668,401

569,575

Cash at bank

2,171,113

1,538,923

4,817,300

2,656,731

CREDITORS

Amounts falling due within one year

8

(1,723,749

)

(481,663

)

NET CURRENT ASSETS

3,093,551

2,175,068

TOTAL ASSETS LESS CURRENT LIABILITIES

3,529,362

2,388,074

CREDITORS

Amounts falling due after more than one year

9

(536,021

)

(517,470

)

NET ASSETS

2,993,341

1,870,604

CAPITAL AND RESERVES

Called up share capital

20,315

19,990

Share premium

2,024,777

1,775,096

Profit and loss account

948,249

75,518

2,993,341

1,870,604

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.

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 5 September 2025 and were signed on its behalf by:

Mr R S Wilkinson - Director

1.	STATUTORY INFORMATION

Openworks Engineering Limited is a private company, limited by shares , registered in Not specified/Other. 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

in accordance with length of lease

Plant and machinery etc

-

50% on cost, 33% on cost and 20% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 17 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

15,141

AMORTISATION

At 1 January 2024

7,281

Charge for year

1,349

At 31 December 2024

8,630

NET BOOK VALUE

At 31 December 2024

6,511

At 31 December 2023

7,860

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

283,391

211,331

494,722

Additions

88,003

196,750

284,753

At 31 December 2024

371,394

408,081

779,475

DEPRECIATION

At 1 January 2024

113,958

175,618

289,576

Charge for year

25,242

35,357

60,599

At 31 December 2024

139,200

210,975

350,175

NET BOOK VALUE

At 31 December 2024

232,194

197,106

429,300

At 31 December 2023

169,433

35,713

205,146

7.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

439,181

22,060

Other debtors

1,213,038

504,371

1,652,219

526,431

Amounts falling due after more than one year:

Other debtors

16,182

43,144

Aggregate amounts

1,668,401

569,575

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

788,513

272,501

Taxation and social security

53,828

32,151

Other creditors

881,408

177,011

1,723,749

481,663

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

536,021

517,470

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

74,770

74,770

Between one and five years

373,850

373,850

In more than five years

214,851

289,621

663,471

738,241

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

536,021

517,470

The charge over cash deposit is with HSBC bank plc, is for security over cash deposits.It is the payment of any amounts owed by Openworks Engineering Limited for the debt up to a maximin of £56,857 excluding interest and costs of the bank.

The fixed charge with Innovate UK Loans Limited is secured. All book and other debts of Openwork's Engineering Ltd present and future, monetary claiming due or owing, and all other monies due and owing, and the benefit of all rights or any nature, securities or guarantees in respect of such books and other debts. The agreement contains a fixed charged, and a floating charge. The floating charge covers all the property or undertaking of the company.