IRIS Accounts Production v22.1.4.3 11275263 Board of Directors 1.1.21 31.12.21 31.12.21 4.5.22 false true false false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure112752632020-12-31112752632021-12-31112752632021-01-012021-12-31112752632019-12-31112752632020-01-012020-12-31112752632020-12-3111275263ns16:EnglandWales2021-01-012021-12-3111275263ns15:PoundSterling2021-01-012021-12-3111275263ns11:Director12021-01-012021-12-3111275263ns11:PrivateLimitedCompanyLtd2021-01-012021-12-3111275263ns11:SmallEntities2021-01-012021-12-3111275263ns11:Audited2021-01-012021-12-3111275263ns11:SmallCompaniesRegimeForDirectorsReport2021-01-012021-12-3111275263ns11:SmallCompaniesRegimeForAccounts2021-01-012021-12-3111275263ns11:FullAccounts2021-01-012021-12-311127526312021-01-012021-12-3111275263ns11:OrdinaryShareClass12021-01-012021-12-3111275263ns11:Director22021-01-012021-12-3111275263ns11:Director42021-01-012021-12-3111275263ns11:Director72021-01-012021-12-3111275263ns11:RegisteredOffice2021-01-012021-12-3111275263ns6:CurrentFinancialInstruments2021-12-3111275263ns6:CurrentFinancialInstruments2020-12-3111275263ns6:ShareCapital2021-12-3111275263ns6:ShareCapital2020-12-3111275263ns6:RetainedEarningsAccumulatedLosses2021-12-3111275263ns6:RetainedEarningsAccumulatedLosses2020-12-3111275263ns6:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-3111275263ns6:PatentsTrademarksLicencesConcessionsSimilar2021-01-012021-12-3111275263ns6:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-01-012021-12-3111275263ns6:PatentsTrademarksLicencesConcessionsSimilar2020-12-3111275263ns6:DevelopmentCostsCapitalisedDevelopmentExpenditure2020-12-3111275263ns6:PatentsTrademarksLicencesConcessionsSimilar2021-12-3111275263ns6:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-12-3111275263ns6:LandBuildings2020-12-3111275263ns6:ShortLeaseholdAssetsns6:LandBuildings2020-12-3111275263ns6:PlantMachinery2020-12-3111275263ns6:LandBuildings2021-01-012021-12-3111275263ns6:ShortLeaseholdAssetsns6:LandBuildings2021-01-012021-12-3111275263ns6:PlantMachinery2021-01-012021-12-3111275263ns6:LandBuildings2021-12-3111275263ns6:ShortLeaseholdAssetsns6:LandBuildings2021-12-3111275263ns6:PlantMachinery2021-12-3111275263ns6:LandBuildings2020-12-3111275263ns6:ShortLeaseholdAssetsns6:LandBuildings2020-12-3111275263ns6:PlantMachinery2020-12-3111275263ns6:FurnitureFittings2020-12-3111275263ns6:MotorVehicles2020-12-3111275263ns6:ComputerEquipment2020-12-3111275263ns6:FurnitureFittings2021-01-012021-12-3111275263ns6:MotorVehicles2021-01-012021-12-3111275263ns6:ComputerEquipment2021-01-012021-12-3111275263ns6:FurnitureFittings2021-12-3111275263ns6:MotorVehicles2021-12-3111275263ns6:ComputerEquipment2021-12-3111275263ns6:FurnitureFittings2020-12-3111275263ns6:MotorVehicles2020-12-3111275263ns6:ComputerEquipment2020-12-3111275263ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3111275263ns6:WithinOneYearns6:CurrentFinancialInstruments2020-12-3111275263ns6:WithinOneYear2021-12-3111275263ns6:WithinOneYear2020-12-3111275263ns6:BetweenOneFiveYears2021-12-3111275263ns6:BetweenOneFiveYears2020-12-3111275263ns6:MoreThanFiveYears2021-12-3111275263ns6:MoreThanFiveYears2020-12-3111275263ns6:AllPeriods2021-12-3111275263ns6:AllPeriods2020-12-3111275263ns6:OtherProvisionsContingentLiabilities2021-01-012021-12-3111275263ns6:OtherProvisionsContingentLiabilities2021-12-3111275263ns11:OrdinaryShareClass12021-12-3111275263ns11:Director32021-01-012021-12-31112752633ns11:Director32020-12-31112752633ns11:Director32019-12-31112752633ns11:Director32021-01-012021-12-31112752633ns11:Director32020-01-012020-12-31112752633ns11:Director32021-12-31112752633ns11:Director32020-12-31
REGISTERED NUMBER: 11275263 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PYROCORE LIMITED

PYROCORE LIMITED (REGISTERED NUMBER: 11275263)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PYROCORE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: H De Meyer
T Lloyd
Y Désiront
F S Paul





REGISTERED OFFICE: Unit 203C Burcott Road
Avonmouth
Bristol
BS11 8AD





REGISTERED NUMBER: 11275263 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants and Statutory Auditors
Advantage
87 Castle Street
Reading
Berkshire
RG1 7SN

PYROCORE LIMITED (REGISTERED NUMBER: 11275263)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 752,234 590,868
Tangible assets 5 1,604,858 1,526,661
2,357,092 2,117,529

CURRENT ASSETS
Stocks 2,303,059 249,655
Debtors 6 556,138 343,358
Cash at bank and in hand 75,421 194,825
2,934,618 787,838
CREDITORS
Amounts falling due within one year 7 5,809,700 1,167,003
NET CURRENT LIABILITIES (2,875,082 ) (379,165 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(517,990

)

1,738,364

PROVISIONS FOR LIABILITIES 9 133,629 -
NET (LIABILITIES)/ASSETS (651,619 ) 1,738,364

CAPITAL AND RESERVES
Called up share capital 10 7,600,002 7,600,002
Retained earnings 11 (8,251,621 ) (5,861,638 )
SHAREHOLDERS' FUNDS (651,619 ) 1,738,364

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 4 May 2022 and were signed on its behalf by:





T Lloyd - Director


PYROCORE LIMITED (REGISTERED NUMBER: 11275263)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Pyrocore 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 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
These financial statements are prepared on a going concern basis because the parent company has undertaken to provide continuing financial support so that the company is able to pay its debts as and when they fall due.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

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 eight years.

Development costs are being amortised evenly over their estimated useful life of eight years.

Development costs
Development costs are capitalised salaries of external contractors working on the development of the Pyrolysis fixed asset.

PYROCORE LIMITED (REGISTERED NUMBER: 11275263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

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

The depreciation rates used are:

- Leasehold improvement - 5 - 10 years straight line
- Plant and machinery - 5 years straight line
- IT equipment - 2 years straight line
- Office equipment - 3 years straight line
- Motor Equipment - 5 years straight line
- Buildings - 5 years straight line

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
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.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PYROCORE LIMITED (REGISTERED NUMBER: 11275263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2020 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Patents and Development
licences costs Totals
£ £ £
COST
At 1 January 2021 2,910 587,956 590,866
Additions 330 234,897 235,227
At 31 December 2021 3,240 822,853 826,093
AMORTISATION
Amortisation for year 364 73,495 73,859
At 31 December 2021 364 73,495 73,859
NET BOOK VALUE
At 31 December 2021 2,876 749,358 752,234
At 31 December 2020 2,910 587,956 590,866

PYROCORE LIMITED (REGISTERED NUMBER: 11275263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


5. TANGIBLE FIXED ASSETS
Leasehold Plant and
Buildings Improvements machinery
£ £ £
COST
At 1 January 2021 18,760 102,870 1,425,879
Additions - 178,098 225,843
Disposals - - -
At 31 December 2021 18,760 280,968 1,651,722
DEPRECIATION
At 1 January 2021 5,628 45,341 4,764
Charge for year 3,752 24,242 300,377
Eliminated on disposal - - -
At 31 December 2021 9,380 69,583 305,141
NET BOOK VALUE
At 31 December 2021 9,380 211,385 1,346,581
At 31 December 2020 13,132 57,529 1,421,115

Office Motor Computer
Equipment vehicles equipment Totals
£ £ £ £
COST
At 1 January 2021 21,805 25,198 47,515 1,642,027
Additions 3,173 25,000 10,032 442,146
Disposals - (25,198 ) - (25,198 )
At 31 December 2021 24,978 25,000 57,547 2,058,975
DEPRECIATION
At 1 January 2021 15,648 8,399 35,586 115,366
Charge for year 5,512 4,888 11,184 349,955
Eliminated on disposal - (11,204 ) - (11,204 )
At 31 December 2021 21,160 2,083 46,770 454,117
NET BOOK VALUE
At 31 December 2021 3,818 22,917 10,777 1,604,858
At 31 December 2020 6,157 16,799 11,929 1,526,661

PYROCORE LIMITED (REGISTERED NUMBER: 11275263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade debtors 162,055 188,778
Other debtors 394,083 154,580
556,138 343,358

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade creditors 819,352 190,414
Amounts owed to group undertakings 4,843,293 899,549
Taxation and social security 55,419 36,890
Other creditors 91,636 40,150
5,809,700 1,167,003

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£ £
Within one year 214,271 66,778
Between one and five years 799,038 200,444
In more than five years 849,680 133,629
1,862,989 400,851

9. PROVISIONS FOR LIABILITIES
2021 2020
£ £
Other provisions 133,629 -

Other
provisions
£
Provided during year 133,629
Balance at 31 December 2021 133,629

The company vacated a premises during the year of which they are still liable for the remaining operating lease cost until August 2024. As such, the company has provided for the entire present obligation under the contract.

PYROCORE LIMITED (REGISTERED NUMBER: 11275263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £ £
760,000,200 Ordinary 1p 7,600,002 7,600,002

11. RESERVES

Retained earnings
The retained earnings account represents the cumulative profits and losses net of dividends and other adjustments.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ben Loveday (Senior Statutory Auditor)
for and on behalf of Haines Watts

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£ £
L Page
Balance outstanding at start of year - 2
Amounts repaid - (2 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.