Company No: 03758553 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr R R Belger
	Mr M J Bissett
	Mr J F Thompson

REGISTERED OFFICE	264 Banbury Road
	Summertown
	Oxford
	OX2 7DY
	United Kingdom

COMPANY NUMBER

03758553 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	264 Banbury Road
	Oxford
	OX2 7DY
	United Kingdom

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	1,398		936
		1,398		936
Current assets
Debtors	4	22,372		43,707
Cash at bank and in hand		6,912		5,400
		29,284		49,107
Creditors: amounts falling due within one year	5	( 202,262)		( 175,009)
Net current liabilities		(172,978)		(125,902)
Total assets less current liabilities		(171,580)		(124,966)
Creditors: amounts falling due after more than one year	6	( 35,750)		( 42,490)
Net liabilities		( 207,330)		( 167,456)
Capital and reserves
Called-up share capital	7	1		1
Profit and loss account		( 207,331 )		( 167,457 )
Total shareholder's deficit		( 207,330)		( 167,456)

For the financial 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.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of HWL Innovation Limited (registered number: 03758553) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Mr J F Thompson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

HWL Innovation Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 264 Banbury Road, Summertown, Oxford, OX2 7DY, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment

3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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 profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of transactions costs.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 January 2024	3,964		3,964
Additions	1,208		1,208
At 31 December 2024	5,172		5,172
Accumulated depreciation
At 01 January 2024	3,028		3,028
Charge for the financial year	746		746
At 31 December 2024	3,774		3,774
Net book value
At 31 December 2024	1,398		1,398
At 31 December 2023	936		936

4. Debtors

	2024		2023
	£		£
Trade debtors	3,000		0
Corporation tax	14,100		43,000
Other debtors	5,272		707
	22,372		43,707

At the year end the company was owed £3,000 from F3C Advantage Limited, a 100% subsidiary of Wisdom in Practice Group Limited.

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	6,000		6,000
Trade creditors	6,997		1,563
Amounts owed to Group undertakings	177,105		160,026
Other taxation and social security	3,858		0
Other creditors	8,302		7,420
	202,262		175,009

At the year end the company owed £103,044 (2023: £53,964) to Wisdom in Practice Group Limited, a company in which J F Thompson, R R Belger and M J Bissett are directors.

At the year end the company owed £74,061 (2023: £74,061) to HWLI Holdings Limited, a company in which J F Thompson, R R Belger and M J Bissett are directors. This loan is interest free and repayable on demand.

At the year end the company owed £449 (2023: £nil) to a director. This amount is shown within trade creditors.

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Other loans	35,750		42,490

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
10 Ordinary shares of £ 0.10 each	1		1

8. Ultimate controlling party

The ultimate controlling party is R R Belger.

The immediate parent company is HWLI Holdings Limited, a company registered in England and Wales, by virtue of their 100% shareholding.