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Reports Dated : 30/09/2023 Registered Number: 09773747
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 December 2022

for

LUMMII GROUP LTD

 
 
Notes
 
31/12/2022
£
  31/12/2021
£
Fixed assets      
Intangible fixed assets 4   9,362,550 
Tangible fixed assets 5 28,889    1,448,861 
28,889    10,811,411 
Current assets      
Cash at bank and in hand 11,426    1,215 
Creditors: amount falling due within one year (62,343)   (1,275,847)
Net current liabilities (50,917)   (1,274,632)
 
Total assets less current liabilities (22,028)   9,536,779 
Creditors: amount falling due after more than one year (495,208)   (2,295,208)
Net liabilities (517,236)   7,241,571 
 

Capital and reserves
     
Called up share capital 6 200    200 
Share premium account   10,019,919 
Profit and loss account (517,436)   (2,778,548)
Shareholder's funds (517,236)   7,241,571 
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 30 September 2023 and were signed by:


-------------------------------
T Gwena
Director
1
General Information
Lummii Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 09773747, registration address 71-75 SHELTON STREET, COVENT GARDEN , London, WC2H 9JQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered the relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the directors have tested the cash flow analysis to take into account the impact on the business of possible scenarios brought on by the impact of COVID-19, alongside the measures that can be taken to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. 
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Plant and equipment are carried at cost less accumulated depreciation and any accumulated impairment charges. Depreciation on all plant and equipment is recorded on a straight-line basis over the estimated useful life of the asset or over the estimated remaining life of the mine, if shorter. Residual values and useful lives are reviewed annually. Gains and losses on disposals are calculated as proceeds received less the carrying amount and are recognised in the income statement of earnings.

Plant and Machinery 10% Straight Line
Energy Equipment 10% Straight Line
2.

Average number of employees

Average number of employees during the year was 1 (2021 : 23).
3.

Financial Commitments, Guarantees and Contingencies

At the beginning of 2021 the company acquired a licence to operate as a Best Energy Global Partner for specific territories in Europe and Africa. The licence was financed through the holding company EM Investment Ltd.

The licencing costs have not yet been brought on the balance sheet of the company as the intention is to capture this after the development of specific territories.

The Best Energy model brings energy cost savings through energy efficiency measures that are technology driven and then shares achieved savings with the energy consumers.

4.

Intangible fixed assets

Cost Research and Development   Other   Total
  £   £   £
At 01 January 2022 417,000    9,300,000    9,717,000 
Additions    
Disposals    
Revaluations   (9,300,000)   (9,300,000)
At 31 December 2022 417,000      417,000 
Amortisation
At 01 January 2022 354,450      354,450 
Charge for year 62,550      62,550 
On disposals    
At 31 December 2022 417,000      417,000 
Net book values
At 31 December 2022    
At 31 December 2021 62,550    9,300,000    9,362,550 


5.

Tangible fixed assets

Cost or valuation Plant and Machinery   Energy Equipment   Total
  £   £   £
At 01 January 2022 2,463,238    36,111    2,499,349 
Additions    
Disposals (1,416,361)     (1,416,361)
At 31 December 2022 1,046,877    36,111    1,082,988 
Depreciation
At 01 January 2022 1,046,877    3,611    1,050,488 
Charge for year   3,611    3,611 
On disposals    
At 31 December 2022 1,046,877    7,222    1,054,099 
Net book values
Closing balance as at 31 December 2022   28,889    28,889 
Opening balance as at 01 January 2022 1,416,361    32,500    1,448,861 


6.

Share Capital

Authorised
200 Class A shares of £1.00 each
Allotted, called up and fully paid
31/12/2022
£
  31/12/2021
£
200 Class A shares of £1.00 each 200    200 
200    200 

7.

Exceptional Item

Operations

After a strategic review conducted by the Director(s) during this financial year, the decision was made that certain operations of the company, namely mining, that were on hold following the COVID-19 pandemic are no longer commercially viable and will not recommence. As such changes to certain assets & liabilities related to this prior activity of the company have been made which are reflected in these accounts. Going forward the company will focus its operations on developing its Energy Efficiency business.
2