Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30941The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-07-01falseNo description of principal activity2615falsetrue 11868514 2022-07-01 2023-06-30 11868514 2021-07-01 2022-06-30 11868514 2023-06-30 11868514 2022-06-30 11868514 2021-07-01 11868514 c:Director1 2022-07-01 2023-06-30 11868514 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 11868514 d:Buildings d:LongLeaseholdAssets 2023-06-30 11868514 d:Buildings d:LongLeaseholdAssets 2022-06-30 11868514 d:PlantMachinery 2022-07-01 2023-06-30 11868514 d:PlantMachinery 2023-06-30 11868514 d:PlantMachinery 2022-06-30 11868514 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11868514 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 11868514 d:MotorVehicles 2022-07-01 2023-06-30 11868514 d:MotorVehicles 2023-06-30 11868514 d:MotorVehicles 2022-06-30 11868514 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11868514 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 11868514 d:FurnitureFittings 2022-07-01 2023-06-30 11868514 d:FurnitureFittings 2023-06-30 11868514 d:FurnitureFittings 2022-06-30 11868514 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11868514 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 11868514 d:ComputerEquipment 2022-07-01 2023-06-30 11868514 d:ComputerEquipment 2023-06-30 11868514 d:ComputerEquipment 2022-06-30 11868514 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11868514 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 11868514 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11868514 d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 11868514 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 11868514 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 11868514 d:ComputerSoftware 2023-06-30 11868514 d:ComputerSoftware 2022-06-30 11868514 d:CurrentFinancialInstruments 2023-06-30 11868514 d:CurrentFinancialInstruments 2022-06-30 11868514 d:Non-currentFinancialInstruments 2023-06-30 11868514 d:Non-currentFinancialInstruments 2022-06-30 11868514 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11868514 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 11868514 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 11868514 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 11868514 d:ShareCapital 2022-07-01 2023-06-30 11868514 d:ShareCapital 2023-06-30 11868514 d:ShareCapital 2021-07-01 2022-06-30 11868514 d:ShareCapital 2022-06-30 11868514 d:ShareCapital 2021-07-01 11868514 d:SharePremium 2022-07-01 2023-06-30 11868514 d:SharePremium 2023-06-30 11868514 d:SharePremium 2021-07-01 2022-06-30 11868514 d:SharePremium 2022-06-30 11868514 d:SharePremium 2021-07-01 11868514 d:CapitalRedemptionReserve 2022-07-01 2023-06-30 11868514 d:CapitalRedemptionReserve 2023-06-30 11868514 d:CapitalRedemptionReserve 2021-07-01 2022-06-30 11868514 d:CapitalRedemptionReserve 2022-06-30 11868514 d:CapitalRedemptionReserve 2021-07-01 11868514 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 11868514 d:RetainedEarningsAccumulatedLosses 2023-06-30 11868514 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 11868514 d:RetainedEarningsAccumulatedLosses 2022-06-30 11868514 d:RetainedEarningsAccumulatedLosses 2021-07-01 11868514 c:OrdinaryShareClass1 2022-07-01 2023-06-30 11868514 c:OrdinaryShareClass1 2023-06-30 11868514 c:OrdinaryShareClass1 2022-06-30 11868514 c:OrdinaryShareClass2 2022-07-01 2023-06-30 11868514 c:OrdinaryShareClass2 2023-06-30 11868514 c:OrdinaryShareClass2 2022-06-30 11868514 c:FRS102 2022-07-01 2023-06-30 11868514 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 11868514 c:FullAccounts 2022-07-01 2023-06-30 11868514 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 11868514 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-07-01 2023-06-30 11868514 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2022-07-01 2023-06-30 11868514 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-07-01 2023-06-30 11868514 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2022-07-01 2023-06-30 11868514 2 2022-07-01 2023-06-30 11868514 d:ExternallyAcquiredIntangibleAssets 2022-07-01 2023-06-30 11868514 d:InternallyGeneratedIntangibleAssets 2022-07-01 2023-06-30 11868514 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-07-01 2023-06-30 11868514 d:ComputerSoftware d:OwnedIntangibleAssets 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11868514










3TI ENERGY HUBS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
3TI ENERGY HUBS LTD
REGISTERED NUMBER: 11868514

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
971,252
650,763

Tangible assets
 5 
131,434
129,972

  
1,102,686
780,735

Current assets
  

Stocks
  
757,177
275,105

Debtors: amounts falling due within one year
 6 
1,407,446
741,981

Cash at bank and in hand
 7 
1,592,320
725,089

  
3,756,943
1,742,175

Creditors: amounts falling due within one year
 8 
(1,211,903)
(1,068,783)

Net current assets
  
 
 
2,545,040
 
 
673,392

Total assets less current liabilities
  
3,647,726
1,454,127

Creditors: amounts falling due after more than one year
 9 
(411,429)
(445,287)

  

Net assets
  
3,236,297
1,008,840


Capital and reserves
  

Called up share capital 
 10 
17,380
1,381

Share premium account
  
5,521,112
2,356,698

Capital redemption reserve
  
371
371

Profit and loss account
  
(2,302,566)
(1,349,610)

  
3,236,297
1,008,840


Page 1

 
3TI ENERGY HUBS LTD
REGISTERED NUMBER: 11868514
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T Evans
Director

Date: 2 November 2023

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
3TI ENERGY HUBS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2021
1,153
269,239
-
(553,832)
(283,440)


Comprehensive income for the year

Loss for the year
-
-
-
(795,778)
(795,778)
Total comprehensive income for the year
-
-
-
(795,778)
(795,778)

Purchase of own shares
-
-
371
-
371

Shares issued during the year
599
2,087,459
-
-
2,088,058

Shares redeemed during the year
(371)
-
-
-
(371)


Total transactions with owners
228
2,087,459
371
-
2,088,058



At 1 July 2022
1,381
2,356,698
371
(1,349,610)
1,008,840


Comprehensive income for the year

Loss for the year
-
-
-
(952,956)
(952,956)
Total comprehensive income for the year
-
-
-
(952,956)
(952,956)

Shares issued during the year
15,999
3,164,414
-
-
3,180,413


Total transactions with owners
15,999
3,164,414
-
-
3,180,413


At 30 June 2023
17,380
5,521,112
371
(2,302,566)
3,236,297


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
3TI ENERGY HUBS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

3Ti Energy Hubs Ltd is a private company limited by shares, domiciled and registered in the United
Kingdom, registered number 11868514. 
The registered office is Riverbridge House, Guildford Road, Leatherhead, Surrey, KT22 9AD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have reviewed the financial position of the Company and have agreed to provide any
additional support required in order for the Company to meet its financial obligations as they fall due
for a period of at least twelve months after the approval of these financial statements.
Based on the above the financial statements have been prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
3TI ENERGY HUBS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 5

 
3TI ENERGY HUBS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 - 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
3TI ENERGY HUBS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.12

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.14

Intangible assets

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.

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 7

 
3TI ENERGY HUBS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.15
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
25%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
14%
straight line
Fixtures and fittings
-
25%
straight line
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8

 
3TI ENERGY HUBS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.20

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 15).


4.


Intangible assets




Development Costs - Papilio3
Software
Total

£
£
£



Cost


At 1 July 2022
650,763
-
650,763


Additions
395,943
-
395,943


Additions - internal
-
33,007
33,007



At 30 June 2023

1,046,706
33,007
1,079,713



Amortisation


Charge for the year on owned assets
108,461
-
108,461



At 30 June 2023

108,461
-
108,461



Net book value



At 30 June 2023
938,245
33,007
971,252



At 30 June 2022
650,763
-
650,763



Page 9

 
3TI ENERGY HUBS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2022
-
-
127,311
1,356
14,594
143,261


Additions
5,020
8,085
-
2,250
11,216
26,571


Disposals
-
-
-
(820)
(640)
(1,460)



At 30 June 2023

5,020
8,085
127,311
2,786
25,170
168,372



Depreciation


At 1 July 2022
-
-
7,578
244
5,467
13,289


Charge for the year on owned assets
941
200
-
46
5,735
6,922


Charge for the year on financed assets
-
-
18,187
-
-
18,187


Disposals
-
-
-
(820)
(640)
(1,460)



At 30 June 2023

941
200
25,765
(530)
10,562
36,938



Net book value



At 30 June 2023
4,079
7,885
101,546
3,316
14,608
131,434



At 30 June 2022
-
-
119,733
1,112
9,127
129,972


6.


Debtors

2023
2022
£
£


Trade debtors
855,341
620,358

Amounts owed by group undertakings
360,000
-

Other debtors
137,159
115,542

Prepayments and accrued income
54,946
6,081

1,407,446
741,981


Page 10

 
3TI ENERGY HUBS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,592,320
725,089



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
617,143
446,030

Other taxation and social security
381,734
237,638

Obligations under finance lease and hire purchase contracts
23,858
21,663

Other creditors
21,599
312,452

Accruals and deferred income
157,569
41,000

1,211,903
1,068,783



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,167
29,167

Other loans
350,000
350,000

Net obligations under finance leases and hire purchase contracts
42,262
66,120

411,429
445,287


The bank loan and other loan fall due for repayment within 5 years.

Page 11

 
3TI ENERGY HUBS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,683,765 (2022 - 132,700) Ordinary shares of £0.01 each
16,838
1,327
54,150 (2022 - 5,400) Ordinary "A" shares of £0.01 each
542
54

17,380

1,381


During the year 1,551,065 Ordinary share of £0.01 and 48,750 Ordinary "A" shares of £0.01 were issued.


11.


Pension commitments

The Company operates a defined contributions pension scheme. Contributions totalling £18,571 (2022 - £9,413) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 12