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Registration number: 09675162

Noriker Power Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Noriker Power Ltd

Contents

Statement of Comprehensive Income

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Noriker Power Ltd

Statement of Comprehensive Income for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

 

836,125

560,055

Cost of sales

 

(411,534)

(173,870)

Gross profit

 

424,591

386,185

Administrative expenses

 

(2,480,059)

(2,098,096)

Operating loss

 

(2,055,468)

(1,711,911)

Gain on financial assets at fair value through profit and loss

 

-

4,811

Other interest receivable and similar income

 

451,177

323,344

Profit on sale of other fixed asset investments

 

1,355,994

1,190,663

Interest payable and similar expenses

 

(18,752)

(11,389)

   

1,788,419

1,507,429

Loss before tax

(267,049)

(204,482)

Tax on loss

 

8,496

108,295

Loss for the financial year

 

(258,553)

(96,187)

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

 

Noriker Power Ltd

(Registration number: 09675162)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

718,385

593,221

Investments

5

128

83,551

 

718,513

676,772

Current assets

 

Stocks

6

53,257

71,987

Debtors

7

7,314,499

6,684,098

Cash at bank and in hand

 

593,254

1,298,754

 

7,961,010

8,054,839

Creditors: Amounts falling due within one year

8

(698,677)

(447,593)

Net current assets

 

7,262,333

7,607,246

Total assets less current liabilities

 

7,980,846

8,284,018

Creditors: Amounts falling due after more than one year

8

(242,113)

(286,732)

Net assets

 

7,738,733

7,997,286

Capital and reserves

 

Called up share capital

9

33

33

Share premium reserve

5,488,079

5,488,079

Profit and loss account

2,250,621

2,509,174

Shareholders' funds

 

7,738,733

7,997,286

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

 

Noriker Power Ltd

(Registration number: 09675162)
Statement of Financial Position as at 31 July 2023 (continued)


Dr Marc Jason Thomas
Director

 

Noriker Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
4th Floor
The Quadrangle
Imperial Square
Cheltenham
Gloucestershire
GL50 1PZ

Principal activity

The principal activity of the company is the trade of the provision of management and technical services relating to the production and sale of electricity.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Noriker Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than assets under construction, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% written down value

Fixtures and fittings

20% written down value

 

Noriker Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Impairment

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Development costs

Capitalisation of origination and development costs

The company expenses all costs incurred on prospective projects except those which can be transferred to other projects. Costs which are capable of being transferred are held on the balance sheet until they are attached to a viable project.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Noriker Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 23).

 

Noriker Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Assets under construction
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2022

561,322

-

58,246

619,568

Additions

-

122,109

14,376

136,485

At 31 July 2023

561,322

122,109

72,622

756,053

Depreciation

At 1 August 2022

-

-

26,347

26,347

Charge for the year

-

2,342

8,979

11,321

At 31 July 2023

-

2,342

35,326

37,668

Carrying amount

At 31 July 2023

561,322

119,767

37,296

718,385

At 31 July 2022

561,322

-

31,899

593,221

5

Investments

2023
£

2022
£

Investments in subsidiaries

128

83,551

Subsidiaries

£

Cost or valuation

At 1 August 2022

83,551

Additions

2

Disposals

(83,425)

At 31 July 2023

128

Provision

Carrying amount

At 31 July 2023

128

At 31 July 2022

83,551

 

Noriker Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Investments (continued)

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Equinicity Limited

England

Ordinary shares

100%

100%

Humber Flexpower Limited

England

Ordinary shares

100%

100%

Konik Limited

England

Ordinary shares

100%

100%

Noriker Bond Limited

England

Ordinary shares

100%

100%

Noriker Perseverance Limited

England

Ordinary shares

100%

100%

Noriker Poise Limited

England

Ordinary shares

0%

100%

Noriker Power Ireland Limited

England

Ordinary shares

100%

100%

Noriker Systems Limited

England

Ordinary shares

100%

100%

Scot Stability Limited

Scotland

Ordinary shares

100%

100%

Shires Stability Limited

England

Ordinary shares

100%

100%

Tamnamore LCIS Limited

Northern Ireland

Ordinary shares

100%

0%

Tandragee LCIS Limited

Northern Ireland

Ordinary shares

100%

0%

Welkin Mill Power Limited

England

Ordinary shares

0%

100%

 

Noriker Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

53,257

71,987

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

544,195

264,050

Amounts owed by related parties

6,325,429

5,107,633

Other debtors

 

398,923

1,241,042

Prepayments

 

21,823

55,740

Income tax asset

24,129

15,633

 

7,314,499

6,684,098

 

Noriker Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

64,275

59,269

Trade creditors

 

429,499

50,781

Taxation and social security

 

175,198

65,069

Accruals and deferred income

 

14,352

259,353

Other creditors

 

15,353

13,121

 

698,677

447,593

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

242,113

286,732

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.000001 each

32,535,885

32.54

32,535,885

32.54

         

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Noriker Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

242,113

286,732

Current loans and borrowings

2023
£

2022
£

Bank borrowings

64,275

59,268

Other borrowings

-

1

64,275

59,269

One of the bank loans with a balance outstanding of £31,603 is a bounce back loan and is unsecured.

The other loan with a balance outstanding of £274,785 is secured against the property included in assets under construction. It is payable by instalments, £132,000 of which are estimated to be due after five years.

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

160,000

-

Later than one year and not later than five years

1,026,727

-

1,186,727

-

The above relates to the new premises in Cheltenham which has a lease of five years from 23 June 2023.

13

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £133,967 (2022 - £Nil). A contract was entered into prior to the year end for the fitting out of the new leasehold premises in Cheltenham. £133,967 is included as additions to fixtures and fittings in the year and a further £133,967 was duly paid on completion of the contract after the year end.