REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
EARTH-I LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
EARTH-I LTD |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Comprehensive Income | 3 |
Balance Sheet | 4 |
Statement of Changes in Equity | 5 |
Notes to the Financial Statements | 6 |
EARTH-I LTD |
Company Information |
for the year ended 31 December 2022 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Northside House |
69 Tweedy Road |
Bromley |
Kent |
BR1 3WA |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Earth-i Ltd (Registered number: 08508188) |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Earth-i Ltd for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Earth-i Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Earth-i Ltd and state those matters that we have agreed to state to the Board of Directors of Earth-i Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Earth-i Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Earth-i Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Earth-i Ltd. You consider that Earth-i Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Earth-i Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Northside House |
69 Tweedy Road |
Bromley |
Kent |
BR1 3WA |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Statement of Comprehensive |
Income |
for the year ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) |
636,051 | (543,366 | ) |
Other operating income |
Operating profit/(loss) | ( |
) |
Interest receivable and similar income |
641,652 | (451,035 | ) |
Interest payable and similar expenses | 6 | ( |
) |
Profit/(loss) before taxation | ( |
) |
Tax on profit/(loss) | 7 |
Profit/(loss) for the financial year | ( |
) |
Other comprehensive income | - | - |
Total comprehensive income/(loss) for the year |
( |
) |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Current assets |
Debtors | 10 |
Cash at bank |
Creditors |
Amounts falling due within one year | 11 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
12 |
Net assets/(liabilities) | ( |
) |
Capital and reserves |
Called up share capital | 14 |
Share premium | 15 |
Retained earnings | 15 | ( |
) | ( |
) |
Shareholders' funds | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Statement of Changes in Equity |
for the year ended 31 December 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive loss | - | ( |
) | - | ( |
) |
Balance at 31 December 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2022 | ( |
) |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | Statutory information |
Earth-i Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis in view of the financial support provided by the main shareholder. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
Financial assets such as cash and debtors are measured at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors are measured at the present value of the obligation. |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | Accounting policies - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
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. |
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. |
Going concern |
After making reasonable enquires, the board of directors considers that the company has adequate resourcses to continue its operations for the foreseeable future, and therefore these financial statements have been prepared on a going concern basis. |
3. | Employees and directors |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
3. | Employees and directors - continued |
The average number of employees during the year was as follows: |
2022 | 2021 |
Employees |
4. | Directors' emoluments |
2022 | 2021 |
£ | £ |
Directors' remuneration |
5. | Exceptional items |
The loan of £1million made by Hassan Taher to the company in 2019 that was due for repayment in July 2024 was waived in 2022. |
6. | Interest payable and similar expenses |
2022 | 2021 |
£ | £ |
Loan interest | ( |
) |
7. | Taxation |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
Prior year tax adj | - | (217,147 | ) |
Tax on profit/(loss) | ( |
) |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
8. | Tangible fixed assets |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2022 |
and 31 December 2022 |
Depreciation |
At 1 January 2022 |
and 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
9. | Fixed asset investments |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 16192 Coastal Highway, Lewes, Delaware, USA |
Nature of business: |
% |
Class of shares: | holding |
The company was formed on 25th July 2017 and although no shares are in issue the company is wholly owned by Earth-i Ltd. Operating costs are reflected in Earth-i Ltd's profit and loss account and the amount owed to Earth-i Ltd relates to funds held in the Earth-i LLC bank account. |
10. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
11. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Social security and other taxes |
VAT | - | 54,984 |
Other creditors |
Accruals and deferred income |
12. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Other loans (see note 13) |
13. | Loans |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
14. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary B | £0.01 | 34,861 | 34,861 |
Allotted and issued: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary A | £0.01 | 967,347 | 967,347 |
There were no shares issued during the year (2021-nil). |
EARTH-I LTD (REGISTERED NUMBER: 08508188) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
15. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2022 | ( |
) | (1,331,370 | ) |
Profit for the year |
At 31 December 2022 | ( |
) | (678,376 | ) |
16. | Ultimate controlling party |
The controlling party is H A Taher. |