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REGISTERED NUMBER: 08508188 (England and Wales)














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: R Blain
H A Taher
A F Smith (Chairman)





Registered office: Northside House
69 Tweedy Road
Bromley
Kent
BR1 3WA





Registered number: 08508188 (England and Wales)





Accountants: Haines Watts
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.






Haines Watts
Chartered Accountants
Northside House
69 Tweedy Road
Bromley
Kent
BR1 3WA


30 September 2023

EARTH-I LTD (REGISTERED NUMBER: 08508188)

Statement of Comprehensive
Income
for the year ended 31 December 2022

2022 2021
Notes £    £   

Turnover 839,780 1,237,117

Cost of sales (373,158 ) (564,714 )
Gross profit 466,622 672,403

Administrative expenses 169,429 (1,215,769 )
636,051 (543,366 )

Other operating income 5,600 92,224
Operating profit/(loss) 641,651 (451,142 )

Interest receivable and similar income 1 107
641,652 (451,035 )

Interest payable and similar expenses 6 11,342 (3,500 )
Profit/(loss) before taxation 652,994 (454,535 )

Tax on profit/(loss) 7 - 217,147
Profit/(loss) for the financial year 652,994 (237,388 )

Other comprehensive income - -
Total comprehensive income/(loss) for the
year

652,994

(237,388

)

EARTH-I LTD (REGISTERED NUMBER: 08508188)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
Current assets
Debtors 10 143,632 392,561
Cash at bank 463,100 794,535
606,732 1,187,096
Creditors
Amounts falling due within one year 11 250,400 462,763
Net current assets 356,332 724,333
Total assets less current liabilities 356,332 724,333

Creditors
Amounts falling due after more than one
year

12

32,500

1,053,495
Net assets/(liabilities) 323,832 (329,162 )

Capital and reserves
Called up share capital 14 1,002,208 1,002,208
Share premium 15 9,293,320 9,293,320
Retained earnings 15 (9,971,696 ) (10,624,690 )
Shareholders' funds 323,832 (329,162 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:



R Blain - Director


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 1,002,208 (10,387,302 ) 9,293,320 (91,774 )

Changes in equity
Total comprehensive loss - (237,388 ) - (237,388 )
Balance at 31 December 2021 1,002,208 (10,624,690 ) 9,293,320 (329,162 )

Changes in equity
Total comprehensive income - 652,994 - 652,994
Balance at 31 December 2022 1,002,208 (9,971,696 ) 9,293,320 323,832

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Computer equipment - Straight line over 3 years

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 520,343 735,724
Social security costs 56,793 84,070
Other pension costs 13,008 20,115
590,144 839,909

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 11 15

4. Directors' emoluments
2022 2021
£    £   
Directors' remuneration 24,000 24,000

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 (11,342 ) 3,500

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) - (217,147 )

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 48,176 87,640 135,816
Depreciation
At 1 January 2022
and 31 December 2022 48,176 87,640 135,816
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:

Earth-i LLC
Registered office: 16192 Coastal Highway, Lewes, Delaware, USA
Nature of business: Marketing in the USA
%
Class of shares: holding
No shares in issue 100.00

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 49,044 275,592
VAT 5,931 -
Prepayments and accrued income 88,657 116,969
143,632 392,561

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) 10,000 8,333
Trade creditors 41,387 14,851
Social security and other taxes 16,291 22,145
VAT - 54,984
Other creditors 3,738 3,274
Accruals and deferred income 178,984 359,176
250,400 462,763

12. Creditors: amounts falling due after more than one year
2022 2021
£    £   
Other loans (see note 13) 32,500 1,053,495

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 10,000 8,333

Amounts falling due between two and five years:
Other loans - 2-5 years 32,500 1,053,495

14. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
3,486,133 Ordinary B £0.01 34,861 34,861

Allotted and issued:
Number: Class: Nominal 2022 2021
value: £    £   
96,734,725 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 (10,624,690 ) 9,293,320 (1,331,370 )
Profit for the year 652,994 652,994
At 31 December 2022 (9,971,696 ) 9,293,320 (678,376 )

16. Ultimate controlling party

The controlling party is H A Taher.