INSITE ENERGY LIMITED

Company Registration Number:
07073730 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

INSITE ENERGY LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

INSITE ENERGY LIMITED

Balance sheet

As at 31 December 2022


Notes

2022

2021


£

£
Fixed assets
Intangible assets: 3 82,738 0
Tangible assets: 4 39,962 57,884
Investments: 5 100 100
Total fixed assets: 122,800 57,984
Current assets
Stocks: 86,550 162,010
Debtors: 6 1,352,340 1,113,400
Cash at bank and in hand: 241,009 434,612
Total current assets: 1,679,899 1,710,022
Creditors: amounts falling due within one year: 7 (840,078) (886,331)
Net current assets (liabilities): 839,821 823,691
Total assets less current liabilities: 962,621 881,675
Creditors: amounts falling due after more than one year: 8 (4,004,243) (4,213,990)
Total net assets (liabilities): (3,041,622) (3,332,315)
Capital and reserves
Called up share capital: 355,557 355,557
Share premium account: 25,633 25,633
Profit and loss account: (3,422,812) (3,713,505)
Shareholders funds: (3,041,622) (3,332,315)

The notes form part of these financial statements

INSITE ENERGY LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 29 September 2023
and signed on behalf of the board by:

Name: P E Tuch
Status: Director

The notes form part of these financial statements

INSITE ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually upon receipt of goods by the buyer), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets and depreciation policy

Annual depreciation of Tangible fixed assets is calculated at 33.3% of cost to write off the cost of the asset, less its residual value, over its estimated useful economic lifetime.

Intangible fixed assets and amortisation policy

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases: Development expenditure - 4 year straight line.

Valuation and information policy

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

INSITE ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 2021
Average number of employees during the period 56 56

INSITE ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible Assets

Total
Cost £
At 01 January 2022 139,382
Additions 98,708
Disposals (139,382)
At 31 December 2022 98,708
Amortisation
At 01 January 2022 139,382
Charge for year 15,970
On disposals (139,382)
At 31 December 2022 15,970
Net book value
At 31 December 2022 82,738
At 31 December 2021 0

INSITE ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Tangible Assets

Total
Cost £
At 01 January 2022 858,357
Additions 19,969
Disposals (162,665)
At 31 December 2022 715,661
Depreciation
At 01 January 2022 800,473
Charge for year 38,029
On disposals (162,803)
At 31 December 2022 675,699
Net book value
At 31 December 2022 39,962
At 31 December 2021 57,884

INSITE ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Fixed investments

At 31 December 2022 the company held 100 £1 Ordinary Shares in Kurve Technologies Ltd, representing a 50% shareholding of the company.

INSITE ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Debtors

2022 2021
££
Debtors due after more than one year: 0 0

Amounts owed by joint ventures at 31 December 2022 was £524,881 (2021: £474,881). Trade debtors at 31 December 2022 was £544,982 (2021: £407,163). Other debtors at 31 December 2022 was £60,057 (2021: £66,451). Prepayments and accrued income at 31 December 2022 was £222,421 (2021: £164,904).

INSITE ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Creditors: amounts falling due within one year note

Trade creditors at 31 December 2022 was £103,292 (2021: £201,020). Taxation and social security was £207,495 (2021: £175,695). Other creditors at 31 December 2022 was £219,048 (2021: £248,075). Accruals and deferred income at 31 December 2022 was £310,241 (2021: £261,540).

INSITE ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

8. Creditors: amounts falling due after more than one year note

Amounts owed to group undertakings at 31 December 2022 was £3,973,497 (2021: £4,173,497). Other Creditors at 31 December 2022 was £30,746 (2021: £40,493).

INSITE ENERGY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

9. Related party transactions

Name of the related party: Insite Energy Holdings Limited
Relationship:
Parent Undertakings
Description of the Transaction: Long-term loans due to parent undertakings.
£
Balance at 01 January 2022 2,086,749
Balance at 31 December 2022 1,986,749
Name of the related party: Insite Holdco Limited
Relationship:
Parent Undertakings
Description of the Transaction: Long-term loans due to parent undertakings
£
Balance at 01 January 2022 2,086,749
Balance at 31 December 2022 1,986,749
Name of the related party: Kurve Technologies Ltd
Relationship:
JV Entity
Description of the Transaction: Long-term loans due from JV entity
£
Balance at 01 January 2022 474,881
Balance at 31 December 2022 524,881