Registered number
09520314
Energydrive Systems Ltd
Filleted Accounts
28 February 2023
Energydrive Systems Ltd
Registered number: 09520314
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 1,182,016 562,379
Current assets
Debtors 6 96,057 46,091
Cash at bank and in hand 252,073 67,954
348,130 114,045
Creditors: amounts falling due within one year 7 (960,698) (675,418)
Net current liabilities (612,568) (561,373)
Total assets less current liabilities 569,448 1,006
Creditors: amounts falling due after more than one year 8 (1,332,072) (602,282)
Net liabilities (762,624) (601,276)
Capital and reserves
Called up share capital 875 875
Profit and loss account (763,499) (602,151)
Shareholders' funds (762,624) (601,276)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
Benhardus Basson
Director
Approved by the board on 18 October 2023
The notes form part of these financial statements.
Energydrive Systems Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The presentation currency used in these accounts is GB Pound.
2 Going concern
The company incurred a net loss during the year ended 28 February 2023 and, as of that date, the company's current liabilities exceeded its total assets. The forecast show that the company is in a net cash outflow position requiring external financial support from a related party to fund additional investment. The business model requires large amounts of capital to effect an installation of machines and the directors understand this will be provided by a related party.
The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.
Turnover
Revenue is measured at the fair value of the consideration received or receivable. Revenue is shown net of value-added tax, returns, rebates and discounts.
Revenue from the sale of goods is recognised when:
• significant risks and rewards of ownership of the goods have been transferred to the buyer;
• Revenue from rendering of services is recognised by reference to stage of completion of contract
When the outcome of transactions involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment straight line over 3 years
Equip Cat A - Air Conditioners straight line over 5 years
Equip Cat A - Data Monitor straight line over 5 years
Equip Cat A - MV Drive straight line over 15 years
Equip Cat A - Capitalised Civil Inst. cost straight line over 15 years
Equip Cat A - E-Cabin/Container straight line over 15 years
Equip Cat A - Transformer straight line over 15 years
Electronic Equipment Low Voltage straight line over 10 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Trade and other receivables
Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is stablished when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade and other payables
Trade payables are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest rate method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assesments.
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.
Deferred tax is measured using the tax rates and laws that have been enacted or substatively enacted by the reporting date and that are expected to qpply apply to the reversal of timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Leased assets
A lease is classified as a finance lease when it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease when it does not transfer substantially all the risks and rewards incidental to ownership.

Minimum lease payments apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred.

At the commencement of the lease term, finance leases are recognised as assets and liabilities in the statements of financial position at the lower of the fair value of the leased property or the present value of the minimum lease payments, each determined at the inception of the lease. The discount rate used in calculating the present value of the minimum lease payments is the interest rate implicit in the lease, if this is practicable to determine. Where it is not, the incremental borrowing rate of the company is used. Any initial direct costs are added to the amount recognised as an asset.

A finance lease gives rise to depreciation expense for depreciable assets as well as finance expense for each accounting period.

Depreciation is charged in accordance with the policy set out for property, plant and equipment and intangible assets (whichever is applicable).

Lease payments under an operating lease are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern of the benefit obtained.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Operating Loss 2023 2022
£ £
Auditors remuneration - fees 5,888
Provision against related part debt 59,378
- 65,266
4 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
Directors or key management personnel for the year emoulments
M Ward 66,000 -
D.L Betts 55,417 95,000
5 Tangible fixed assets
Computer Equipment Energy Saving Equipment Total
£ £ £
Cost
At 1 March 2022 - 595,298 595,298
Additions 1,106 642,222 643,328
At 28 February 2023 1,106 1,237,520 1,238,626
Depreciation
At 1 March 2022 - 32,919 32,919
Charge for the year 184 23,507 23,691
At 28 February 2023 184 56,426 56,610
Net book value
At 28 February 2023 922 1,181,094 1,182,016
At 28 February 2022 - 562,379 562,379
6 Debtors 2023 2022
£ £
Trade debtors 94,497 44,115
Prepaid expenses 1,560 1,976
96,057 46,091
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 20,683 24,674
Trade creditors 912,309 646,462
Taxation and social security costs 24,778 3,591
Other creditors 2,928 691
960,698 675,418
8 Creditors: amounts falling due after one year 2023 2022
£ £
Loans from Shareholders 1,344 1,209
Energydrive Systems (Pty) Ltd 1,330,728 601,073
1,332,072 602,282
9 Related party Loans analysed as follows :
2023 2022
Energydrive Systems (Pty) Ltd
Amounts payable
The loan is interest free and there are no fixed repayment terms. The loan may be extended for an unspecific time period. 499,300 499,300
Energydrive Systems (Pty) Ltd
Amounts payable
This loans bears interest at South African Prime interest rate + 1.75% per annum, is unsecured and the are no fixed repayment terms. The loan may be extended for an unspecified time period. 831,428 101,773
1,330,728 601,073
Loans from Shareholders 2023 2022
Mike Ward 1,344 1,209
This shareholders' loan is unsecured, bears interest at a rate of 15% and there are no fixed repayment.
1,344 1,209
10 Other information
Energydrive Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
100 Avebury Boulevard
Milton Keynes
England
MK9 1FH
Energydrive Systems Ltd 09520314 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts April 2021 Benhardus Basson No description of principal activity 09520314 2021-03-01 2022-02-28 09520314 core:WithinOneYear 2022-02-28 09520314 core:AfterOneYear 2022-02-28 09520314 core:ShareCapital 2022-02-28 09520314 core:RetainedEarningsAccumulatedLosses 2022-02-28 09520314 2022-03-01 2023-02-28 09520314 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09520314 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 09520314 bus:Director40 2022-03-01 2023-02-28 09520314 1 2022-03-01 2023-02-28 09520314 2 2022-03-01 2023-02-28 09520314 core:PlantMachinery 2022-03-01 2023-02-28 09520314 core:Vehicles 2022-03-01 2023-02-28 09520314 countries:England 2022-03-01 2023-02-28 09520314 bus:FRS102 2022-03-01 2023-02-28 09520314 bus:FullAccounts 2022-03-01 2023-02-28 09520314 2023-02-28 09520314 core:WithinOneYear 2023-02-28 09520314 core:AfterOneYear 2023-02-28 09520314 core:ShareCapital 2023-02-28 09520314 core:RetainedEarningsAccumulatedLosses 2023-02-28 09520314 core:PlantMachinery 2023-02-28 09520314 core:Vehicles 2023-02-28 09520314 2022-02-28 09520314 core:PlantMachinery 2022-02-28 09520314 core:Vehicles 2022-02-28 iso4217:GBP xbrli:pure