Company registration number 11841895 (England and Wales)
ECONETIQ LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
ECONETIQ LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
ECONETIQ LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
31 October 2022
28 February 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,442
Investments
4
10
10
2,452
10
Current assets
Stocks
178,769
24,661
Debtors
5
7,653
Cash at bank and in hand
23,127
35,923
209,549
60,584
Creditors: amounts falling due within one year
6
(312,779)
(72,460)
Net current liabilities
(103,230)
(11,876)
Total assets less current liabilities
(100,778)
(11,866)
Creditors: amounts falling due after more than one year
7
(450)
Net liabilities
(100,778)
(12,316)
Capital and reserves
Called up share capital
5,181
5,181
Share premium account
10,219
10,219
Profit and loss reserves
(116,178)
(27,716)
Total equity
(100,778)
(12,316)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ECONETIQ LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 February 2024 and are signed on its behalf by:
Mr S P Baker
Mr S L Burrows
Director
Director
Mr R A Clarke
Mr M J Valentine
Director
Director
Company registration number 11841895 (England and Wales)
ECONETIQ LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2022
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 28 February 2022:
Balance at 1 March 2021
4,900
10,219
(25,728)
(10,609)
Year ended 28 February 2022:
Loss and total comprehensive income
-
-
(1,988)
(1,988)
Issue of share capital
281
-
281
Balance at 28 February 2022
5,181
10,219
(27,716)
(12,316)
Period ended 31 October 2022:
Loss and total comprehensive income
-
-
(88,462)
(88,462)
Balance at 31 October 2022
5,181
10,219
(116,178)
(100,778)
ECONETIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2022
- 4 -
1
Accounting policies
Company information
Econetiq Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28 Queen Street, London, EC4R 1BB.
1.1
Reporting period
The comparative figures represent a period of 12 months. The company shortened its current accounting period to 31 October 2022 which has resulted in a reporting period of 8 months. Therefore, the comparative amounts presented in the financial statement (including the related notes) are not entirely comparable.
1.2
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.
1.3
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company meets its day to day working capital requirements through continued financial support from the directors and parent company.
1.4
Turnover
Turnover represents amounts receivable for the provision of electricity for electric vehicle charging and services provided in developing electric vehicle charging infrastructure projects, net of VAT and trade discounts.
Electric vehicle charging income
Revenue from the provision of electricity for electric vehicle charging is recognised at the point of sale, net of VAT.
Electric vehicle charging point installation and project development
Revenue from contracts for the provision of professional services in connection with the development and installation of electric vehicle charging equipment is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
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.
ECONETIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
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:
Plant and equipment
10% straight line
Computers
25% 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.
1.6
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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Stocks
Stock comprises EV chargers and initial preparatory and installation work undertaken in bringing the units to their present location and condition. Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that are directly attributable to the value of the units.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2022
Number
Number
Total
3
2
ECONETIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2022
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
Additions
2,587
At 31 October 2022
2,587
Depreciation and impairment
At 1 March 2022
Depreciation charged in the period
145
At 31 October 2022
145
Carrying amount
At 31 October 2022
2,442
At 28 February 2022
4
Fixed asset investments
2022
2022
£
£
Shares in group undertakings and participating interests
10
10
The comparative period figures have been restated to correct for the recognition of £40,450 of EV project development costs previously disclosed as an investment in a group company. This change did not affect profits or tax.
5
Debtors
2022
2022
Amounts falling due within one year:
£
£
Other debtors
7,653
6
Creditors: amounts falling due within one year
2022
2022
£
£
Taxation and social security
6,718
415
Other creditors
306,061
72,045
312,779
72,460
ECONETIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2022
£
£
Other creditors
450
8
Prior period adjustment
Reconciliation of changes in equity
1 March
28 February
2021
2022
£
£
Adjustments to prior period
Turnover correction (net of tax)
-
(31,374)
Equity as previously reported
-
19,058
Equity as adjusted
-
(12,316)
Analysis of the effect upon equity
Profit and loss reserves
-
(31,374)
Reconciliation of changes in profit/(loss) for the previous financial period
2022
£
Adjustments to prior period
Turnover correction (net of tax)
(31,374)
Profit as previously reported
29,386
Loss as adjusted
(1,988)
Notes to reconciliation
EV project costs contribution
In the previous period financial statements Turnover was overstated by £9,054 in connection with the incorrect recognition of a receipt relating to a contribution towards equipment installation costs. This amount should have been recognised as part of the balance of work in progress being carried forward in the balance sheet.
Intercompany loan funding
Turnover in the previous period financial statements was also overstated by £23,271 as a result of a loan from the company's parent incorrectly being recognised as revenue.
Tax adjustment and impact on reserves
The tax impact of the prior period adjustments is £951, with a net impact on reserves of £31,374.