Company Registration No. 07970984 (England and Wales)
ANAKATA WIND POWER RESOURCES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ANAKATA WIND POWER RESOURCES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 10
ANAKATA WIND POWER RESOURCES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
24,649
12,733
Tangible assets
5
540,632
441,911
565,281
454,644
Current assets
Stocks
100,977
84,245
Debtors
6
1,049,223
361,659
Cash at bank and in hand
62,267
178,788
1,212,467
624,692
Creditors: amounts falling due within one year
7
(1,722,394)
(728,682)
Net current liabilities
(509,927)
(103,990)
Total assets less current liabilities
55,354
350,654
Creditors: amounts falling due after more than one year
8
(763,826)
(693,504)
Net liabilities
(708,472)
(342,850)
Capital and reserves
Called up share capital
10
1,386
1,386
Share premium account
1,424,815
1,424,815
Profit and loss reserves
(2,134,673)
(1,769,051)
Total equity
(708,472)
(342,850)
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 year ended 31 December 2023 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 year 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.
ANAKATA WIND POWER RESOURCES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 April 2024 and are signed on its behalf by:
Mr H Griffiths
Director
Company Registration No. 07970984
ANAKATA WIND POWER RESOURCES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
1,386
1,424,815
(1,086,032)
340,169
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(683,019)
(683,019)
Balance at 31 December 2022
1,386
1,424,815
(1,769,051)
(342,850)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(365,622)
(365,622)
Balance at 31 December 2023
1,386
1,424,815
(2,134,673)
(708,472)
ANAKATA WIND POWER RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Anakata Wind Power Resources Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Anakata Wind Power Resources Ltd, 6 Centremead, Osney Mead, Oxford, Oxfordshire, OX2 0ES.
1.1
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.
1.2
Going concern
These financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Patents
Over the life of the patent
Branding and website
33% Straight line
1.6
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.
ANAKATA WIND POWER RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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:
Land and buildings Leasehold
Over term of the lease
Plant and machinery
25% & 33% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line
Motor vehicles
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
ANAKATA WIND POWER RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.10
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ANAKATA WIND POWER RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
8
4
Intangible fixed assets
Patents
Branding and website
Total
£
£
£
Cost
At 1 January 2023
19,015
19,015
Additions
20,925
20,925
At 31 December 2023
20,925
19,015
39,940
Amortisation and impairment
At 1 January 2023
6,282
6,282
Amortisation charged for the year
2,729
6,280
9,009
At 31 December 2023
2,729
12,562
15,291
Carrying amount
At 31 December 2023
18,196
6,453
24,649
At 31 December 2022
12,733
12,733
ANAKATA WIND POWER RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
232,866
305,853
538,719
Additions
195
249,024
249,219
At 31 December 2023
233,061
554,877
787,938
Depreciation and impairment
At 1 January 2023
8,374
88,434
96,808
Depreciation charged in the year
25,626
124,872
150,498
At 31 December 2023
34,000
213,306
247,306
Carrying amount
At 31 December 2023
199,061
341,571
540,632
At 31 December 2022
224,492
217,419
441,911
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
685,264
26,165
Corporation tax recoverable
319,056
166,800
Other debtors
44,903
168,694
1,049,223
361,659
ANAKATA WIND POWER RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,400
3,400
Obligations under finance leases
14,787
14,787
Trade creditors
64,042
112,405
Taxation and social security
124,511
25,018
Deferred income
600,000
Other creditors
650,525
461,110
Accruals
265,129
111,962
1,722,394
728,682
Included above in Other Creditors is an amount of £14,787 (2022: £14,787) relating to a hire purchase agreement. The loan is secured on the asset to which it relates.
Included in Other Creditors are amounts owed either directly or indirectly to directors or shareholders of £602,150 (2022: £452,150).
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,100
8,500
Other creditors
758,726
685,004
763,826
693,504
Included above in Other Creditors is £20,948 (2022: £35,735) in connection with a hire purchase agreement.
The loan is secured on the asset to which it relates.
Included in Other Creditors is an amount of £225,000 (2022:£225,000) owed to a company where one of the directors had historical control .
ANAKATA WIND POWER RESOURCES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
115,848
33,474
0.78
0.78
Granted
65,637
82,374
0.78
0.78
Outstanding at 31 December 2023
181,485
115,848
0.78
0.78
Exercisable at 31 December 2023
181,485
115,848
0.78
0.78
The options outstanding at 31 December 2023 had an exercise price 78p and a contractual life based on continuing service.
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000,022 ordinary shares of 0.1p each
1,386
1,386
1,386
1,386
A share option scheme is in place to specifically motivate and reward senior management and staff. The total number of share option shares are 247,370 which vest as follows:
In the year to 31 December 2021 33,474
In the year to 31 December 2022 82,374
In the year to 31 December 2023 65,637
In the year to 31 December 2024 65,885
The balance of the share option shares would vest on the sale of the company.
11
Operating lease commitments
Lessee
The commitment below relates to a lease commitment on property expiring in July 2031
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
225,070
254,878
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