Company registration number 13257157 (England and Wales)
ACME CleanTech Ventures (UK) Private Limited
Audited Financial Statements
For the year ended
31 March 2023
Pages for filing with registrar
ACME CleanTech Ventures (UK) Private Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
ACME CleanTech Ventures (UK) Private Limited
Statement Of Financial Position
As at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,765
Investments
5
9,677,319
3,793,991
9,683,084
3,793,991
Current assets
Debtors
6
1,449,313
249,005
Cash at bank
293,767
61,721
1,743,080
310,726
Creditors: amounts falling due within one year
8
(11,595,916)
(3,792,292)
Net current liabilities
(9,852,836)
(3,481,566)
Net (liabilities)/assets
(169,752)
312,425
Capital and reserves
Called up share capital
361,450
361,450
Profit and loss reserves
(531,202)
(49,025)
Total equity
(169,752)
312,425
The notes on pages 2 to 5 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These 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 20 October 2023 and are signed on its behalf by:
Manoj Kumar Upadhyay
Director
Company registration number 13257157 (England and Wales)
ACME CleanTech Ventures (UK) Private Limited
Notes To The Financial Statements
For the year ended 31 March 2023
- 2 -
1
General information
ACME CleanTech Ventures (UK) Private Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.
The company changed its name from Green Hydrogen & Chemicals (UK) Private Limited on 27 October 2022.
2
Accounting policies
2.1
Reporting period
The accounts are presented for the year ended 31 March 2023. The comparative amounts are presented for the period from incorporation on 10 March 2021 to 31 March 2022, and are therefore not comparable.
2.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and have assurances from group companies that liabilities will be settled and support provided as required. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
ACME CleanTech Ventures (UK) Private Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
2
Accounting policies
(Continued)
- 3 -
2.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
2.8
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances and loans to fellow group companies, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Employees
There were no employees in the current and preceding years.
ACME CleanTech Ventures (UK) Private Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
- 4 -
4
Tangible fixed assets
Computers
£
Cost
At 1 April 2022
Additions
5,765
At 31 March 2023
5,765
Depreciation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
5,765
At 31 March 2022
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
9,677,319
3,793,991
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
3,793,991
Additions
10,459,124
Disposals
(4,575,796)
At 31 March 2023
9,677,319
Carrying amount
At 31 March 2023
9,677,319
At 31 March 2022
3,793,991
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,449,313
217,830
Other debtors
31,175
1,449,313
249,005
ACME CleanTech Ventures (UK) Private Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
- 5 -
7
Cash at bank
Cash at bank includes a securitty deposit of £52,166.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Optionally convertible redeemable preference shares
11,521,560
3,772,856
Trade creditors
14,588
14,335
Amounts owed to group undertakings
21,228
Wages control
18,396
Accruals and deferred income
20,144
5,101
11,595,916
3,792,292
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Julia Wigram FCA
Statutory Auditor:
Dixcart Audit LLP
Date of audit report:
24 October 2023