Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 5 | ||||||
Current assets | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 8 | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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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 |
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The notes form part of these financial statements. | |||||||
Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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 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 |
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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 | ||||||||
Tangible fixed assets | ||||||||
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 | ||||||||
Stocks | ||||||||
Trade and other receivables | ||||||||
Trade and other payables | ||||||||
Taxation | ||||||||
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 | ||||||||
Foreign currency translation | ||||||||
Leased assets | ||||||||
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. |
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Pensions | ||||||||
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 | ||||||||
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 | - | |||||||
Additions | ||||||||
At 28 February 2023 | ||||||||
Depreciation | ||||||||
At 1 March 2022 | - | |||||||
Charge for the year | ||||||||
At 28 February 2023 | ||||||||
Net book value | ||||||||
At 28 February 2023 | ||||||||
At 28 February 2022 | - | |||||||
6 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Prepaid expenses | ||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
8 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Loans from Shareholders | ||||||||
Energydrive Systems (Pty) Ltd | ||||||||
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 |