40
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
4,399,527
3,350,601
7,750,128
618,527
1,231,715
1,850,242
5,899,886
3,781,000
xbrli:pure
xbrli:shares
iso4217:GBP
SC553315
2023-01-01
2023-12-31
SC553315
2023-12-31
SC553315
2022-12-31
SC553315
2022-01-01
2022-12-31
SC553315
2022-12-31
SC553315
2021-12-31
SC553315
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-01-01
2023-12-31
SC553315
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
SC553315
core:FurnitureFittings
2023-01-01
2023-12-31
SC553315
bus:Director3
2023-01-01
2023-12-31
SC553315
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-12-31
SC553315
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-12-31
SC553315
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
SC553315
core:PlantMachinery
2022-12-31
SC553315
core:FurnitureFittings
2022-12-31
SC553315
core:LandBuildings
core:LongLeaseholdAssets
2023-12-31
SC553315
core:PlantMachinery
2023-12-31
SC553315
core:FurnitureFittings
2023-12-31
SC553315
core:PlantMachinery
2023-01-01
2023-12-31
SC553315
core:WithinOneYear
2023-12-31
SC553315
core:WithinOneYear
2022-12-31
SC553315
core:AfterOneYear
2023-12-31
SC553315
core:AfterOneYear
2022-12-31
SC553315
core:ShareCapital
2023-12-31
SC553315
core:ShareCapital
2022-12-31
SC553315
core:RetainedEarningsAccumulatedLosses
2023-12-31
SC553315
core:RetainedEarningsAccumulatedLosses
2022-12-31
SC553315
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-12-31
SC553315
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
SC553315
core:PlantMachinery
2022-12-31
SC553315
core:FurnitureFittings
2022-12-31
SC553315
bus:SmallEntities
2023-01-01
2023-12-31
SC553315
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
SC553315
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
SC553315
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
SC553315
bus:FullAccounts
2023-01-01
2023-12-31
SC553315
core:AssetsNotYetAvailableForUsePPE
2023-01-01
2023-12-31
SC553315
core:OtherPropertyPlantEquipment
2023-01-01
2023-12-31
SC553315
core:OtherPropertyPlantEquipment
2022-12-31
SC553315
core:AssetsNotYetAvailableForUsePPE
2022-12-31
SC553315
core:OtherPropertyPlantEquipment
2023-12-31
SC553315
core:AssetsNotYetAvailableForUsePPE
2023-12-31
COMPANY REGISTRATION NUMBER:
SC553315
Integrated Graphene Limited |
|
Filleted Unaudited Financial Statements |
|
Integrated Graphene Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed Assets
Intangible assets |
5 |
5,899,886 |
3,781,000 |
Tangible assets |
6 |
1,843,868 |
1,702,718 |
|
------------ |
------------ |
|
7,743,754 |
5,483,718 |
|
|
|
|
Current Assets
Debtors |
7 |
621,121 |
760,809 |
Cash at bank and in hand |
50,035 |
79,306 |
|
--------- |
--------- |
|
671,156 |
840,115 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
11,829,277 |
7,906,380 |
|
------------- |
------------ |
Net Current Liabilities |
11,158,121 |
7,066,265 |
|
------------- |
------------ |
Total Assets Less Current Liabilities |
(
3,414,367) |
(
1,582,547) |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
40,660 |
96,809 |
|
------------ |
------------ |
Net Liabilities |
(
3,455,027) |
(
1,679,356) |
|
------------ |
------------ |
|
|
|
|
Capital and Reserves
Called up share capital |
9 |
9 |
Profit and loss account |
(
3,455,036) |
(
1,679,365) |
|
------------ |
------------ |
Shareholders Deficit |
(
3,455,027) |
(
1,679,356) |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Integrated Graphene Limited |
|
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
1 March 2024
, and are signed on behalf of the board by:
Company registration number:
SC553315
Integrated Graphene Limited |
|
Notes to the Financial Statements |
|
Year Ended 31 December 2023
1.
General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Euro House, Wellgreen Place, Stirling, FK8 2DJ, Scotland.
2.
Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The company has made a loss for the year of £1,775,671 (2022 - £914,829) and has net liabilities of £3,455,027 (2022 - £1,679,356). The Directors continue to adopt going concern basis and are confident that the company remains a going concern based on the financial forecasts and expected investment in 2024.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs |
- |
20% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and Development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold improvements |
- |
25% straight line |
|
Plant and machinery |
- |
25% - 33% straight line |
|
Fixtures and fittings |
- |
25% straight line |
|
Equipment |
- |
25% straight line |
|
|
|
|
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
40
(2022:
40
).
5.
Intangible Assets
|
Development costs |
|
£ |
Cost |
|
At 1 January 2023 |
4,399,527 |
Additions |
3,350,601 |
|
------------ |
At 31 December 2023 |
7,750,128 |
|
------------ |
Amortisation |
|
At 1 January 2023 |
618,527 |
Charge for the year |
1,231,715 |
|
------------ |
At 31 December 2023 |
1,850,242 |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
5,899,886 |
|
------------ |
At 31 December 2022 |
3,781,000 |
|
------------ |
|
|
6.
Tangible Assets
|
Leasehold improvements |
Plant and machinery |
Fixtures and fittings |
Equipment |
Assets under construction |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 1 Jan 2023 |
260,577 |
888,125 |
130,575 |
26,410 |
664,789 |
1,970,476 |
Additions |
276,814 |
125,089 |
– |
1,734 |
131,249 |
534,886 |
Disposals |
– |
(
53,113) |
– |
– |
– |
(
53,113) |
Transfers |
– |
209,771 |
– |
– |
(
209,771)
|
– |
|
--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
At 31 Dec 2023 |
537,391 |
1,169,872 |
130,575 |
28,144 |
586,267 |
2,452,249 |
|
--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
Depreciation |
|
|
|
|
|
|
At 1 Jan 2023 |
– |
255,890 |
5,656 |
6,212 |
– |
267,758 |
Charge for the year |
61,387 |
255,092 |
21,866 |
6,570 |
– |
344,915 |
Disposals |
– |
(
4,292) |
– |
– |
– |
(
4,292) |
|
--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
At 31 Dec 2023 |
61,387 |
506,690 |
27,522 |
12,782 |
– |
608,381 |
|
--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
|
|
At 31 Dec 2023 |
476,004 |
663,182 |
103,053 |
15,362 |
586,267 |
1,843,868 |
|
--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
At 31 Dec 2022 |
260,577 |
632,235 |
124,919 |
20,198 |
664,789 |
1,702,718 |
|
--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
|
|
|
|
|
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
468,176 |
6,439 |
Other debtors |
152,945 |
754,370 |
|
--------- |
--------- |
|
621,121 |
760,809 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
484,868 |
547,556 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
10,874,635 |
7,167,039 |
Social security and other taxes |
351,459 |
26,955 |
Other creditors |
118,315 |
164,830 |
|
------------- |
------------ |
|
11,829,277 |
7,906,380 |
|
------------- |
------------ |
|
|
|
Included within other creditors are hire purchase leases of £56,150 (2022 - £56,150). Leases are secured over the assets they relate to.
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
40,660 |
96,809 |
|
-------- |
-------- |
|
|
|
Included within other creditors are hire purchase leases of £40,660 (2022 - £96,809). Leases are secured over the assets they relate to.
10.
Related Party Transactions
During the year the company operated a loan account with Integrated Graphene Holding Limited. Included within other creditors is a balance of £10,038,839 (2022 - £6,417,798) due to Integrated Graphene Holding Limited. Net advances of £3,621,041 were received from Integrated Graphene Holding Limited during the year. There are no set repayment terms or interest accruing on this balance. During the year the company also operated a loan account with Integrated Graphene Services Limited, which is also owned by Integrated Graphene Holding Limited, and at the year end the company was due £835,796 (2022 - £749,240) to Integrated Graphene Services. Net advances of £86,556 were made during the year. There are no set repayment terms or interest accruing on this balance.
11.
Controlling Party
The company continued to be under the control of Integrated Graphene Holding Limited, a company incorporated in Scotland.